Gold Hits $3K While BTC-to-Gold Ratio Breaks Key Support
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Bitcoin is in the process of breaking its multiyear uptrend against gold, mirroring the March 2021–March 2022 fractal, suggesting BTC price could drop below $65,000.
Bitcoin breached a rising support trendline against gold (XAU), which has been intact for over 12 years, on March 14.
Is Bitcoin’s bull market over? Let’s take a closer look at BTC’s correlation with gold.
Gold hits new record high as Bitcoin’s uptrend cools
The BTC/XAU ratio breakdown occurred as spot gold rates hit a new record high above $3,000 per ounce on March 14, after rising by about 12.80% year-to-date.
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