自2023年1月以来，比特币（BTC）价格一直优于黄金（GLD），这标志着连续下降趋势

自2023年1月以来，黄金的表现不足以对比特币（BTC）价格，这标志着金/BTC比率的连续下降趋势。

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月以来，比特币（BTC）的价格一直优于黄金，而加密货币现在正在测试一个关键的技术水平，该水平可以决定BTC/Gold比率的下一阶段。

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，比特币已经超过了黄金已经有一段时间了，这从2023年1月以来的金/BTC比率的连续下降趋势中可以明显看出。

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.

每次黄金测试其200天的指数移动平均线（EMA）时，BTC价格都在响应中飙升，并且该临界水平的第五次重新测试正在接近。

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

BTC价格对Gold的200天EMA测试的反应

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

市场分析师安德森先生强调了比特币与黄金表现有关的历史价格变动。

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.

在过去的两年中，黄金测试了200天的EMA四次，每个测试都标志着黄金削弱和比特币价格飙升的转折点。金/BTC图揭示了一种经常性的模式，在黄金达到此关键水平后，比特币的价格动作加强了。

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月以来，尽管在传统市场中达到了新的高点，但金价一直在与BTC价格保持稳定下降。另一方面，比特币价格继续上升趋势，目前的交易价格接近$ 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.

关于黄金200天EMA的第五次测试正在接近，反映了先前导致比特币价格集会的条件。分析师跟踪这一趋势认为这是确定BTC价格运动的下一阶段的关键水平。

Institutional Inflows Signal Strong Demand

机构流入信号很强劲需求

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

最新的市场数据表明，BTC Spot ETF在本周记录了4.95亿美元的流入，这表明比特币机构引起了浓厚的兴趣。

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市场崩溃之后的时期，最后一次观察到了这种需求水平，这导致了BTC价格延长。投资者正在继续增加其对BTC的接触，这与制度的更广泛的趋势一致，因为它偏爱比特币而不是黄金作为价值存储。

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.

机构的市场需求仍然是比特币价格的关键影响者之一，因为以前与公牛运行有关的基金流入已经有联系。 BTC继续在黄金中获得更大的知名度，因此黄金/BTC的下降趋势。以这种速度，机构投资将为BTC价格提供大量支持，以保持其对黄金的统治地位。

Gold’s RSI Divergence and Bitcoin’s Strength

黄金的RSI差异和比特币的强度

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

移动平均线和其他技术因素也证实了比特币对黄金的强度。

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，表明它可能难以维持最近更高的高层形成。 SPDR黄金股份（GLD）以相对强度指数或RSI的形式纳入了看跌趋势逆转指标。

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.

比特币的过去模式也与这些信号息息相关，因为Gold的RSI差异与BTC Price Bullish的运行保持一致。市场数据表明，比特币价格仍然很稳定，这受到黄金增长速度放缓的积极影响。 RSI的分歧和多个EMA跨界都意味着对投资者方面的比特币的看涨事件。

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.

黄金与比特币的比率仍然与BTC的价格波动有关。过去，比特币的价格一直高于200天EMA，与黄金相比，比特币价格在200天的EMA上取得更好的性能，从而使BTC价格在市场上更具占主导地位。