Bitcoin’s (BTC) decline below the $100,000 level may be nearing exhaustion as a long-term indicator tied to gold (XAU) flashes a historically reliable bottoming signal.
On Nov. 15, the Bitcoin-to-gold ratio (BTC/XAU) fell 10.45% on the week and slipped 4.8% below its 200-week exponential moving average (EMA), a trendline breach that has preceded every major BTC/USD cycle bottom for the past decade.
The ratio has only broken below the 200-week EMA four times since 2015, and each instance aligned with a macro low in Bitcoin’s dollar price. The November breakdown marks the fifth occurrence.
During the 2015–2016 cycle, BTC/XAU traded under the 200-week EMA for 203 days while Bitcoin formed its $200–$300 base before rallying more than 6,000% into the 2017 peak.
If historical patterns repeat, Bitcoin typically consolidates for 4–12 weeks after the BTC/XAU breakdown before retesting prior highs.
Bitcoin is also confronting a key structural test on its weekly time frame after closing below the 50-week EMA for the first time since early 2023.
The candle has opened the possibility of a deeper pullback toward the 0.382 Fibonacci retracement at $83,724, a level that previously acted as a pivotal support zone during the 2024 advance.
A confirmed close below the 50-week EMA this week would strengthen bearish momentum and increase the probability of a move into the mid-$80,000 region.
However, traders are watching for a potential bullish rejection similar to the rebounds seen in July 2024, September 2024, and April 2025, where Bitcoin posted long downside wicks before resuming its uptrend.
Those reversals emerged after brief violations of the 50-week EMA that ultimately trapped sellers.
A similar reaction this time would undermine the bearish scenario and restore BTC’s short-term trend strength, especially if price reclaims the 20-week EMA in the following sessions.
Yashu Gola is a crypto journalist and analyst with expertise in digital assets, blockchain, and macroeconomics. He provides in-depth market analysis, technical chart patterns, and insights on global economic impacts. His work bridges traditional finance and crypto, offering actionable advice and educational content. Passionate about blockchain's role in finance, he studies behavioral finance to predict memecoin trends.