The daily chart for gold illustrates how it was moving inside of a rising channel for a long period of time. A breakout of this channel and confirmation have contributed to the development of a bull flag, a breakout of which has been confirmed and now the price is climbing higher. The measured move out of the bull flag is to $3,700.
Bitcoin bounces sharply from support
Source: TradingView
The daily Bitcoin chart shows the relatively sharp climb up from $74,000 to the $112,000 all-time high. Following such a climb it was only natural for the price to consolidate sideways for an extended period. This resulted in the price going as low as $100,400.
Since then, the price spiked, and more recently with the Middle Eastern conflict, it fell back down to support at $102,800. However, the collapse was bought back up very quickly, leaving a long candle wick behind and a bullish pinball candle.
The Bitcoin/Gold chart in the daily time frame reveals a real battle between the two sound money assets. Going back a lot further than the above chart shows, Bitcoin has been winning that battle hands down for most of its history. That said, Bitcoin has been unable to consistently stay above the Bitcoin/Gold price of 37 ounces, last set in April 2021.