Gold Nears $3,000 Ceiling While Bitcoin Keeps Looking for a Bottom

Key Takeaways

• Gold surged to an all-time high of $2996 per ounce, gaining 1.7% in a single day.
• The yellow metal has climbed 14% in 2025 and 27% last year, fueled by economic uncertainty and a weaker U.S. dollar.
• Bitcoin and the broader crypto market remain in a fragile state, with BTC struggling to hold momentum despite brief relief.

Amid rising global uncertainty, gold has once again cemented its reputation as a safe haven, breaking records and nearing the $3,000-per-ounce milestone.

Meanwhile, Bitcoin (BTC) finds itself at a crossroads, showing continued weakness and potentially gearing up for another leg down.

Gold Sets New Record High

Gold soared to a record high of $2,996 per ounce on Friday, a 1.7% jump in a single day.

Futures for April delivery briefly crossed the psychological $3,000 threshold, touching $3,003.90 per ounce.

The surge comes as investors seek refuge from economic and geopolitical instability, particularly trade policy shifts under President Donald Trump.

Since Trump’s inauguration on Jan. 20, gold has climbed roughly 10%, rising from $2,620 at the start of the year. It has already set 12 new records in 2025, continuing the momentum from a 27% gain in 2024.

Technical Outlook: More Upside or a Pullback?

From a technical perspective, gold’s breakout above the key $2,928-$2,930 resistance range signals strong bullish momentum.

However, with the Relative Strength Index (RSI) approaching overbought territory, analysts caution that a short-term pullback could be on the horizon before further gains.

Any retracement below $2,928 could see gold testing $2,900 or even $2,880. However, given the strong trend, any dips are expected to attract fresh buying interest.

Bitcoin Remains Weak as Crypto Market Struggles

While gold continues its ascent, Bitcoin and the broader crypto market remain in a state of uncertainty.

The global cryptocurrency market rose by a modest 0.3% on Thursday, bringing total market capitalization to $2.7 trillion. Bitcoin stabilized at $81,000 after a volatile week that saw it swing 3% from a high of $84,476.

Despite momentary relief, BTC remains below its weekly peak and is struggling to regain momentum.

Recent developments involving Binance, Ripple, and Dubai authorities have led investors to favor altcoins.

Bitcoin briefly dropped to $79,000 on Thursday, reflecting broader concerns over capital inflows amid ongoing U.S. trade tensions.

Meanwhile, Bitcoin ETFs , which had experienced seven straight days of outflows totaling $1.6 billion, saw a modest turnaround with a $13.3 million inflow—their first positive movement in March.

Bitcoin-Gold Ratio Analysis

Despite Bitcoin’s struggles, its long-term performance relative to gold remains strong.

The Bitcoin-to-gold ratio, a key metric measuring BTC’s value against the yellow metal, remains elevated, underscoring the cryptocurrency’s resilience over time.

Historically, Bitcoin has seen multiple parabolic surges, with notable peaks in 2011, 2013, 2017, and 2021—each followed by corrections.

The current ratio suggests that Bitcoin is still holding its ground against gold, reinforcing its position as a digital alternative to traditional stores of value.

Investors often monitor this ratio to assess Bitcoin’s strength relative to gold. An increasing ratio signals Bitcoin’s dominance, while a declining one suggests a shift in favor of gold.

Macro Trends Support Gold’s Strength

Financial analysts argue that gold’s record-breaking surge is not occurring in a vacuum—it is deeply rooted in a complex macroeconomic and geopolitical landscape.

Ahmad Assiri, a research strategist at Pepperstone, told CCN:

 “Gold continues its surge toward record levels, with the market now eyeing a target of $3,000 per ounce.”

According to Assiri, several key factors are driving this momentum.

“Alongside trade tensions, gold receives strong support from a weakening U.S. dollar. The erosion of U.S. exceptionalism and concerns about economic growth prospects have contributed to gold’s rise,” he said.

With the dollar slipping below the 104 level, gold has gained further traction among international investors seeking a hedge against currency volatility.

These factors combined create an ideal environment for gold to store value and achieve gains.

Gold has achieved its best start for the year since 2017, just as the SPX entered correction territory.

“With indicators heavily suggesting the continuation of risk factors supporting a bearish trend, gold stands out as one of the best hedging instruments against escalating geopolitical risks,” Assiri expressed.