‎#比特币相对黄金进入深度弱势

Price Action Confirms the Shift in Safe-Haven Preference
Recent market price action clearly shows a growing divergence between Bitcoin and Gold, strengthening the argument that traditional safe havens are reclaiming dominance. While Bitcoin struggles to regain momentum, Gold continues to attract capital as global uncertainty intensifies.
Gold prices have surged to historic levels, recently trading around the $4,900–$5,000 per ounce zone, supported by strong central-bank buying, geopolitical tensions, and long-term inflation concerns. This steady upward move reflects confidence from institutional and sovereign investors who prioritize capital preservation over speculative returns. Gold’s relatively low volatility and deep liquidity continue to make it the preferred hedge during periods of economic stress.
Bitcoin, by contrast, has failed to keep pace. After peaking in earlier cycles, BTC has been trading well below its prior highs, hovering in the $85,000–$88,000 range, showing weakness against both Gold and broader macro benchmarks. Despite its fixed supply and long-term potential, Bitcoin remains heavily influenced by liquidity conditions, regulatory uncertainty, and risk sentiment. Instead of acting as a crisis hedge, it has often mirrored the behavior of high-growth tech assets.
The price ratio between Bitcoin and Gold further highlights this trend. Historically, Bitcoin outperformed Gold during expansionary phases fueled by loose monetary policy. However, in today’s environment of tighter financial conditions, Gold has outperformed on a relative basis, reinforcing its role as the primary defensive asset.
This divergence does not signal the failure of Bitcoin, but rather a shift in market cycle leadership. Gold thrives when fear dominates, while Bitcoin tends to perform best when liquidity expands and risk appetite returns.