Bitcoin (BTC) breached a rising support trendline against gold (XAU), which has been intact for over 12 years, on March 14.
XAU/BTC ratio weekly performance chart. Source: TradingView/NorthStar
Popular analyst NorthStar says this breakdown could spell the end of Bitcoin’s 12-year bull run if it stays under the gold trendline for even a week or—worse—a month.
Is Bitcoin’s bull market over? Let’s take a closer look at BTC’s correlation with gold.
Gold hits new record high as Bitcoin’s uptrend cools
The BTC/XAU ratio breakdown occurred as spot gold rates hit a new record high above $3,000 per ounce on March 14, after rising by about 12.80% year-to-date.
In contrast, Bitcoin, which is often called “digital gold,” has dropped by 11% so far in 2025.
BTC/USD vs. XAU/USD YTD performance chart. Source: TradingView
The performances reflect the contrasting net flows