Bitcoin prices must break above $100,000 to confirm a bottom and initiate the next surge in the Bitcoin market. Overall, Bitcoin prices remain in the consolidation zone in the short term and continue to form a bottom between $50,000 and $60,000.
Bottom Line
Gold continues to feel the pressure as the U.S.-Iran conflict has continued to drive up energy prices, inflation concerns, Treasury yields and the U.S. dollar. This kind of environment decreases the demand for precious metals in the short term. But if the Bitcoin to gold ratio keeps increasing and the gold remains above $4,000, it will likely form a bottom for the next rally. But the higher inflation and US Treasury yields remain the main risk.
Bitcoin appears stronger than gold after the US-Iran war due to the higher liquidity and risk appetite. The immediate support in Bitcoin remains the $70,000-$75,000 zone. A recovery above $100,000 is required to confirm the bottom in the Bitcoin market. But a break below $70,000 will signal further downside to $60,000. If the bitcoin to gold ratio breaks below the 12 level, it will likely put bearish pressure on the bitcoin prices.
Read more: Gold vs. Silver vs. Bitcoin: Key Ratios Signal a Major BTC Bottom