Bitcoin at its lowest level against gold in 3 years.

Bitcoin (BTC) is attracting attention as it has fallen to its lowest level against gold in the last 3 years. Technical indicators suggest that the price may test below 100,000 dollars, while ongoing selling pressure in the crypto market is heightening investor concerns.

CoinDesk analyst and market technician Omkar Godbole emphasized that the 14-day RSI for the Bitcoin/Gold ratio has dropped to 22.20, indicating an oversold condition. This oversold situation suggests that investors have recently preferred gold over BTC. Generally, RSI values below 30 indicate that an asset is oversold, thus increasing the likelihood of a short-term recovery. However, analysts note that this oversold signal alone does not guarantee a price increase.

Godbole points out that this signal should be supported by additional indicators such as a loss of price decline momentum, increased volume, or bullish divergences. The Bitcoin/Gold ratio is moving within a distinct downward trend on the daily chart. Furthermore, the “death cross” formed by the 50-day and 200-day moving averages strengthens the bearish signal. This situation implies that buyers should act cautiously in the short term.

In the ongoing process, Bitcoin’s price in dollars also carries the risk of testing below 100,000 dollars. Although the 14-day RSI has not yet reached the oversold region, the MACD indicator shows that selling pressure is still continuing. A drop below the 200-day moving average signals that momentum traders may accelerate their sales. According to analysts, the 101,700 dollar level of the 50-week moving average remains a critical support point for Bitcoin. If this support level is broken, there is a risk of Bitcoin declining to the 99,500 dollar region.