The Unlikely Comeback of Bitcoin: A Shocking Twist in the Crypto Saga

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What You Absolutely Must Know (Trust Us):

  • Gold has outperformed bitcoin for the last 12 weeks, but don’t get too comfy, because the charts say this might just flip.
  • Bitcoin might decide to play catch-up with gold sooner than expected. A race no one saw coming!
  • Monero, the sneaky one, has made a surprise bullish move with its golden crossover. Let’s see how long this rally lasts!

Technical analysis from CoinDesk’s very own Omkar Godbole, who is a Chartered Market Technician (yes, that’s a real thing).

For the past 12 weeks, gold (XAU) has been basking in the spotlight, outpacing bitcoin (BTC) in a dramatic battle for investors’ attention. But hold onto your hats! This trend may be on the brink of a dramatic reversal, according to the all-knowing charts. What a twist, huh?

This year, gold has surged a solid 22%, and not by accident. Haven bids, arbitrage plays, and traders shipping gold across oceans like it’s some kind of treasure hunt are the main culprits. But let’s not forget the other side of the story.

Meanwhile, bitcoin has been on a bit of a downer, dropping more than 8%. That’s led to a steep 25% decline in the bitcoin-gold ratio—talk about a tumble! This means bitcoin is losing a race it wasn’t even running properly.

However, here’s where the plot thickens—enter the breakout! This week, that pesky downtrend (represented by trendlines from Jan. 20 and March 3 highs) was thrown out the window. Over the weekend, the ratio broke the trendline, giving bitcoin a fresh shot at glory. Maybe, just maybe, bitcoin is ready to join the gold rally after all.

But let’s not get ahead of ourselves. Joe Consorti from Theya Research reminds us that bitcoin likes to play catch-up to gold. And by play, we mean lag by 100 to 150 days. So, will it work out? Let’s wait and see. 🤷‍♂️

The trendline breakout is giving off good vibes, as the MACD histogram flips to the positive side. Translation? The momentum is shifting. Not to mention, the 5- and 10-day simple moving averages (SMA) have crossed paths, suggesting we’re in for a bullish journey. 🚀

XMR‘s Golden Cross: The Undercover Hero

Now, onto Monero (XMR), the mysterious crypto that just had a major “comeback kid” moment. After a sharp recovery from $165 to over $200, it’s safe to say demand is on the rise. Look at that long-tailed candle on the weekly chart—could it be the sign of a dip-buying frenzy? We think so!

Monero has officially broken out of its long-term consolidation pattern. The 50-week SMA is now above the 200-week SMA, a golden crossover that screams bullish momentum. That’s like a flashing neon sign for long-term optimism. 💰

The next obstacle? Immediate resistance at $242 (the February high) followed by $289 (April 2022’s peak). And let’s not forget support at $200 and last week’s low of $165. What a rollercoaster ride. 🎢

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2025-04-15 15:34