- Bitcoin rallies past $100K as gold drops sharply, reinforcing the historic inverse trend seen in major crypto bull runs since 2017.
- Despite strong price action, Bitcoin’s net taker volume turns bearish, showing persistent short pressure near the $104K resistance level.
- On-chain and derivatives data show resilient buying activity amid pullbacks, signaling sustained bullish sentiment despite volatility.
Bitcoin is showing renewed momentum, recently crossing $100,000, while gold is slipping from its 2024 highs. Quinten highlighted a compelling trend. Historically, Bitcoin rallies tend to coincide with gold corrections. This inverse relationship has now repeated three times—late 2017, late 2020, and from late 2023 to early 2025. Each surge saw Bitcoin attract massive inflows while gold declined. Consequently, analysts are increasingly convinced that capital rotation is favoring Bitcoin in the current macro environment.
Source: Quinten
Moreover, a decade-long comparative chart between Bitcoin and gold backs this theory. Bitcoin, represented in yellow, shows sharp surges during periods of gold stagnation. Notably, in early 2025, Bitcoin blasted past its previous highs. It soared beyond $100,000, just as gold dropped from $2,600,000 to near $2,000,000. Each rally was labeled “Money flows into Bitcoin,” with arrows marking the capital transition. Hence, the data reflects a clear inverse pattern where Bitcoin gains strength as gold loses its shine.
Derivatives Market Adds Pressure Near $100K
However, despite Bitcoin’s breakout, derivatives data shows rising caution among traders. Darkfost explains that the cumulative net taker volume remains negative. This means short positions are currently dominating long positions. Consequently, sustained selling pressure is slowing down Bitcoin’s upward drive.
Source: Darkfost
From mid-April to mid-May 2024, the data shows fluctuating net taker volumes. Positive flows pushed prices up in late April, peaking above $1 billion. Yet, between May 10 and 14, strong negative volumes resurfaced. These triggered notable pullbacks from the $104,000 peak. Each sell-off was quickly followed by aggressive buying activity.
Market Behavior Signals Resilience
Despite the short-term pressure, Bitcoin continues to show resilience. Price reactions closely mirror taker volume shifts. Moreover, the histogram reveals that most 24-hour taker volumes stayed between -$400M and $800M. Still, spikes beyond $1 billion remain key indicators of direction shifts.
Additionally, on-chain data from CryptoQuant supports this market behavior. The current activity confirms real-time pressure rather than speculative noise. Hence, while traders hesitate near all-time highs, the overall trend remains bullish. If this pattern persists, Bitcoin could soon redefine its upper boundaries.
