Bitcoin has come down to the 25-ounce level against gold, a major horizontal support level. The key question now is: Is it time for the Bitcoin/gold ratio to move back in Bitcoin’s favour?
Looking at the 2-week chart, the Stochastic RSI indicators have just started descending from the top. This suggests that the current correction phase may not be over yet. Meanwhile, the ascending trendline could represent a healthier retracement for gold’s price, which might see it drop to around $3,600.
Although the ratio has dipped below the ascending trendline again, it has yet to confirm a breakdown. This trendline extends all the way back to the beginning of 2023, so a confirmed breakdown would be a significant event.
On the flip side, the price is finding strong support at the 0.5 Fibonacci level, which coincides with the 25-ounce horizontal support. Additionally, at the bottom of the chart, the Stochastic RSI indicators are positioned at the bottom and are currently angled upward. The 2-week period is set to close by the end of play on Friday, which likely means that a new candle will open below the ascending trendline. However, as long as the current candle closes above the 25-ounce support level, a bounce-back could begin.
Notably, the Stochastic RSI indicators are also at the bottom in the monthly time frame. This adds weight to the idea that the next bounce in Bitcoin’s favour could be substantial—potentially even surpassing the all-time high of 41 ounces.
**Disclaimer:** This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
https://bitcoinethereumnews.com/bitcoin/bitcoin-btc-dips-against-gold-again-is-this-the-bottom/
