This is a daily technical analysis by Omkar Godbole, a Coindesk analyst and franchised market technician.
Rate between the price of each piece of Bitcoin
and gold (Give way) According to data source transactions, the price denominated in USD per person rose more than 10% last week to 33.33, achieving its best performance in two months.
The double-digit gain represents BTC’s performance over performance relative to gold, marking a breakthrough in the Bull Flag mode. The so-called flag breakout signal marks the continuation of the rally that reached 24.85 on April 11.
The bull flag pattern is characterized by a sharp upward trend, followed by a relatively brief counter-trend consolidation, which usually refreshes higher situations like the BTC-Gold ratio.
It is said that the flag breakout extended the upward space by an equal amount of size to the initial assembly. So the ratio could rise to 42.00, with a record high of 40.73 hitting December.
Previous uptrends are characterized by sharp rises in USD-denominated prices as observed in late 2024 and in April and May, rather than gold falling less than BTC.
