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By Omkar Godbole|Edited by Parikshit Mishra
Updated Jun 30, 2025, 11:22 a.m. Published Jun 30, 2025, 11:20 a.m.
- The BTC-gold ratio increased by over 10% to 33.33 last week, marking its best performance in two months.
- The rise in the ratio indicates BTC’s outperformance relative to gold, breaking out from a bull flag pattern.
- The breakout suggests the ratio could climb to 42.00, surpassing the previous high of 40.73.
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
The ratio between the per-piece dollar price of bitcoin
and gold’s(XAU)per-ounce dollar-denominated price rose over 10% to 33.33 last week, registering its best performance in two months, according to data source TradingView.
STORY CONTINUES BELOW
The double-digit gain, representing BTC’s outperformance relative to gold, marked a breakout from the bull flag pattern. The so-called flag breakout signals a continuation of the rally from lows near 24.85 reached on April 11.
A bull flag pattern is characterized by a sharp uptrend followed by a relatively brief counter-trend consolidation that usually refreshes higher, as is the case with the BTC-gold ratio.
The flag breakout is said to extend the upside by an amount equivalent to the magnitude of the initial rally. So, the ratio could rise to 42.00, topping the record high of 40.73 hit in December.
Previous uptrends in the ratio have been characterized by sharp upswings in BTC’s dollar-denominated price, as observed in late 2024 and in April and May, rather than gold dropping more than BTC.
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
