against gold offers another clue. The BTC/XAU ratio has stayed in a downtrend for about 13 months since its previous peak. In previous cycles, similar declines lasted around 14 months before the ratio bottomed. Those turns later matched important Bitcoin lows.
This ratio reflects investor risk appetite. When Bitcoin underperforms gold, investors often shift toward defensive assets. If the ratio stabilizes and turns higher, it may signal improving confidence and a stronger environment for Bitcoin.
have also pointed to stress indicators that resemble prior bottom periods. They noted that Bitcoin’s weekly RSI fell to 26.84, which marked its lowest level since 2022. The firm also flagged unusually high trading volumes and defensive positioning in derivatives markets.
K33 Head of Research Vetle Lunde said the market posture looks unusual and similar to conditions seen near major bottoms. At the same time, he warned that bottoming phases often take time. This outlook supports a slow stabilization process rather than a quick rally.