Bitcoin and Gold Are Moving Together at Record Levels: A Rally Signal?

As Bitcoin’s 90-day correlation with gold hits a record high, historical precedents of strong rallies following similar periods have heightened expectations for the early stages of the current rally.

Bitcoin has recently been moving in tandem with gold more than ever before. According to an analysis in The Block’s Data & Insights newsletter, Bitcoin’s 90-day correlation with gold has reached an all-time high. The 30-day measurement, meanwhile, hit a yearly peak of 0.8.

This indicator reveals the extent to which the prices of the two assets move in sync. However, in past instances, the truly strong Bitcoin surges occurred not when the correlation peaked, but after it began to decouple.

What Does the Correlation Between Bitcoin and Gold Signify?

The parallel movement between Bitcoin and gold has strengthened as investors turn to alternative stores of value, believing that the dollar and traditional assets may lose value. During this process, Bitcoin has also shared in the safe-haven demand alongside gold.

In the final quarter of 2020, after the correlation reached 0.6, Bitcoin surged approximately 172%. In the last quarter of 2022, the indicator rose from around 0 to 0.5, and Bitcoin gained approximately 350% in value over the following 14 months. The analysis notes that in both periods, strong bullish momentum became clear after the correlation began to fall. Therefore, the current record provides an early signal to watch, rather than confirming a new bull market on its own.

On the demand side, Bitcoin ETFs saw inflows of approximately $1 billion last week. The Fear and Greed Index, which measures market sentiment, stands at 68. The index had dropped as low as 5 during the year; however, the 5-74 range in 2026 has not yet reached the peak volatility levels of previous years.