- Bitcoin’s three-month uptrend against gold has been broken.
- Streams ETF indicate renewed demand for precious metals.
Bitcoin’s three-month rally against gold has been interrupted as investors turn to the precious metal as a store of value.
The graph shows how much it costs Bitcoin in dollars per coin compared to the price of gold in dollars per ounce. According to this indicator, the flagship coin has been a clear leader since the beginning of March, increasing the ratio from approximately 12 to 18 points. Then, the indicator’s growth slowed and, over the past 24 hours, fell sharply, breaking the uptrend line. In the world of technical analysis, this is a significant breakthrough, signaling a renewed influx of investors into gold.
This is also indicated by the increased withdrawal of funds from American spot markets. bitcoin ETF, which have lost more than $2 billion over the past two weeks. However, funds investing in gold and precious metals are in demand among investors. In the week ending May 20, their issuers recorded an inflow of $2,34 billion, a second consecutive record.
At the time of writing the article Bitcoin was trading at $75,934, down 1,01% over the past 24 hours, According to CoinMarketCap. Gold for the same period fell by 0,3% to $4,521.
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