Important Gold Metric Hits a 45-Year High: Is This Good News for Bitcoin (BTC)?

Gold’s price has been surging lately in an almost “up-only” trajectory over the past several ￰0￱ this impressive rally, a critical indicator related to the yellow metal has reached peak ￰1￱ the following lines, we will analyze how this might trigger a rally for Bitcoin (BTC). Rotating Capital? Gold remains the world’s biggest asset in terms of market cap, recently widening its lead over major tech ￰2￱ capitalization has climbed to almost $29 trillion, while NVIDIA (the runner-up) is far behind with approximately $4.5 ￰3￱ increased dominance follows the impressive rise of the precious metal’s price, which has soared by roughly 56% in the past year and recently hit a new all-time high of almost $4,200.

Gold Price,) has exploded to 91.8, or the highest level since the early ￰4￱ technical analysis tool measures the speed and magnitude of recent price changes to help traders spot potential reversal ￰5￱ varies from 0 to 100, and anything above 70 indicates that gold’s valuation has spiked too quickly in a short period of time, meaning it could be due for a short-term correction, or, as Crypto Rover suggested: “This means it’s insanely overbought, making a cooldown likely.” The analyst assumed that such a development could prompt investors to start reallocating funds back into Bitcoin (BTC), thus possibly setting the stage for its next big move.

BTC’s Bull Mode Remains Intact? There are many other analysts on crypto X who believe BTC’s bull run is far from being over despite the recent market ￰6￱ analyst, who uses the moniker BitBull, for instance, claimed the leading digital asset continues to trade in a “giant bullish channel” and as long as the $100,000 – $103,000 holds, the bears can’t ￰7￱ his part, Carl Moon noted that a red October is something highly unusual for ￰8￱ said, he urged investors to “buy the dip” while they still have the chance.