自2023年1月以來，比特幣（BTC）價格一直優於黃金（GLD），這標誌著連續下降趨勢

自2023年1月以來，黃金的表現不足以對比特幣（BTC）價格，這標誌著金/BTC比率的連續下降趨勢。

Bitcoin (BTC) price has been outperforming gold since January 2023, and the cryptocurrency is now testing a critical technical level that could determine the next phase of the BTC/gold ratio.

自2023年1月以來，比特幣（BTC）的價格一直優於黃金，而加密貨幣現在正在測試一個關鍵的技術水平，該水平可以決定BTC/Gold比率的下一階段。

On the other hand, Bitcoin has been outperforming gold for a while now, which is evident from the continuous downtrend in the GOLD/BTC ratio since January 2023.

另一方面，比特幣已經超過了黃金已經有一段時間了，這從2023年1月以來的金/BTC比率的連續下降趨勢中可以明顯看出。

Each time gold tested its 200-Day Exponential Moving Average (EMA), BTC price surged in response, and the fifth retest of this critical level is now approaching.

每次黃金測試其200天的指數移動平均線（EMA）時，BTC價格都在響應中飆升，並且該臨界水平的第五次重新測試正在接近。

BTC Price Reaction to Gold’s 200-Day EMA Tests

BTC價格對Gold的200天EMA測試的反應

Market analyst Mr. Anderson has highlighted Bitcoin’s historical price movements in relation to gold’s performance.

市場分析師安德森先生強調了比特幣與黃金表現有關的歷史價格變動。

Over the past two years, gold has tested its 200-day EMA four times, and each test marked a turning point where gold weakened and Bitcoin price surged. The GOLD/BTC chart reveals a recurring pattern, where Bitcoin’s price action strengthens after gold reaches this key level.

在過去的兩年中，黃金測試了200天的EMA四次，每個測試都標誌著黃金削弱和比特幣價格飆升的轉折點。金/BTC圖揭示了一種經常性的模式，在黃金達到此關鍵水平後，比特幣的價格動作加強了。

Since January 2023, gold price has maintained a steady decline against BTC price, despite achieving new highs in the traditional markets. Bitcoin price, on the other hand, has continued its upward trend, currently trading near the $86K mark.

自2023年1月以來，儘管在傳統市場中達到了新的高點，但金價一直在與BTC價格保持穩定下降。另一方面，比特幣價格繼續上升趨勢，目前的交易價格接近$ 86K。

The fifth test of gold’s 200-day EMA is now approaching, mirroring previous conditions that led to Bitcoin price rallies. Analysts tracking this trend consider it a key level in determining the next phase of BTC price movement.

關於黃金200天EMA的第五次測試正在接近，反映了先前導致比特幣價格集會的條件。分析師跟踪這一趨勢認為這是確定BTC價格運動的下一階段的關鍵水平。

Institutional Inflows Signal Strong Demand

機構流入信號很強勁需求

The latest market data reveals that BTC spot ETFs recorded a $495 million inflow this week, indicating a strong interest from institutions in Bitcoin.

最新的市場數據表明，BTC Spot ETF在本週記錄了4.95億美元的流入，這表明比特幣機構引起了濃厚的興趣。

This level of demand was last observed in the period following the FTX market crash, which led to a prolonged BTC price rally. Investors are continuing to increase their exposure to BTC, aligning with the broader trend of institutions favoring Bitcoin over gold as a store of value.

在FTX市場崩潰之後的時期，最後一次觀察到了這種需求水平，這導致了BTC價格延長。投資者正在繼續增加其對BTC的接觸，這與製度的更廣泛的趨勢一致，因為它偏愛比特幣而不是黃金作為價值存儲。

Market demand from institutions has remained one of the key influencers of Bitcoin’s prices as fund inflows have been previously linked to the bull runs. BTC continues to gain more popularity over gold hence the downward trend of the GOLD/BTC. At this rate, institutional investments will provide significant support to BTC price to maintain its dominance over gold.

機構的市場需求仍然是比特幣價格的關鍵影響者之一，因為以前與公牛運行有關的基金流入已經有聯繫。 BTC繼續在黃金中獲得更大的知名度，因此黃金/BTC的下降趨勢。以這種速度，機構投資將為BTC價格提供大量支持，以保持其對黃金的統治地位。

Gold’s RSI Divergence and Bitcoin’s Strength

黃金的RSI差異和比特幣的強度

Moving average and other technical factors also confirm the strength of Bitcoin against gold.

移動平均線和其他技術因素也證實了比特幣對黃金的強度。

Furthermore, gold’s RSI is also bearish, indicating that it may struggle to sustain the recent higher high formation. The SPDR Gold Shares (GLD) has incorporated a bearish trend reversal indicator in the shape of a Relative Strength Index or RSI.

此外，Gold的RSI也是看跌，表明它可能難以維持最近更高的高層形成。 SPDR黃金股份（GLD）以相對強度指數或RSI的形式納入了看跌趨勢逆轉指標。

Bitcoin’s past pattern also correlates well with these signals as gold’s RSI divergence has remained in alignment with BTC price bullish runs. The market data indicates that the Bitcoin price remains quite stable, which was positively impacted by gold’s slowdown in gains. RSI divergence and multiple EMA crossovers imply a bullish turn of events in regard to Bitcoin from the investors’ side.

比特幣的過去模式也與這些信號息息相關，因為Gold的RSI差異與BTC Price Bullish的運行保持一致。市場數據表明，比特幣價格仍然很穩定，這受到黃金增長速度放緩的積極影響。 RSI的分歧和多個EMA跨界都意味著對投資者方面的比特幣的看漲事件。

Gold to Bitcoin ratio is still relevant regarding BTC price fluctuations. In the past, Bitcoin price has always risen above the 200-Day EMA to achieve better performance compared to gold, making BTC price more dominant in the market.

黃金與比特幣的比率仍然與BTC的價格波動有關。過去，比特幣的價格一直高於200天EMA，與黃金相比，比特幣價格在200天的EMA上取得更好的性能，從而使BTC價格在市場上更具占主導地位。