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Bitcoin’s three-month rally against gold appears to be losing momentum as investors increasingly shift capital toward gold and precious metals amid changing market conditions. The BTC-to-gold ratio, a widely watched indicator comparing Bitcoin’s price to gold’s value per ounce, has broken below its bullish trendline, signaling a potential reversal in investor sentiment.
Since early March, Bitcoin significantly outperformed gold, pushing the BTC/gold ratio from around 12 points to nearly 18 points. However, recent price action suggests the uptrend has ended. Technical analysts view the break below the three-month support line as a bearish signal for Bitcoin and a bullish sign for gold.
The BTC-to-gold ratio is often used to measure investor preference between two major store-of-value assets. During heightened geopolitical tensions earlier this year, including concerns surrounding the Iran conflict and rising oil prices, many investors turned to Bitcoin as an alternative safe-haven asset. That trend helped fuel Bitcoin’s relative strength against gold.
Now, market dynamics are shifting again. Rising U.S. Treasury yields and expectations that interest rates could remain elevated for longer have weakened demand for Bitcoin ETFs. Data shows spot Bitcoin exchange-traded funds recorded more than $2 billion in outflows over the past two weeks.
At the same time, gold ETFs and precious metal investment funds are seeing renewed interest from investors. According to Reuters, citing LSEG Lipper data, precious metal funds attracted approximately $2.34 billion in inflows during the week ending May 20, marking the second straight week of strong demand.
Although trendline breakdowns do not always lead to long-term reversals, the latest move in the BTC/gold ratio suggests gold may outperform Bitcoin in the short term if current market conditions continue.
At the time of writing, Bitcoin traded near $75,600, while gold prices remained steady around $4,500 per ounce.
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