Gold has surged to a new all-time high, surpassing $3,025 per ounce to mark an increase of over 15% in since the turn of the year. Meanwhile, bitcoin is lagging (BTC), down 10% year-to-date.

Several factors have contributed to gold’s rally, including significant inflows into gold ETFs and its traditional role as a safe-haven asset during geopolitical uncertainty.

Additionally, discussions of new tariffs in the U.S. under President Trump have further fueled demand for U.S. equities. Gold’s historic rally has driven its price up 40% year-over-year, far outpacing Bitcoin’s 16% gain.

Historically, when gold enters a bull market, bitcoin often stagnates or declines. The two assets rarely move in tandem, though there are occasional periods when both rise or fall simultaneously.

Between 2019 and Q3 2020, gold experienced a strong rally while bitcoin remained largely flat, coinciding with the covid-19 pandemic. In contrast, bitcoin saw its bull run in 2021 while gold stagnated. By 2022, as global interest rates began to rise, both assets faced pressure before rebounding in 2023 and 2024. Now, in 2025, the market is witnessing a renewed divergence between the two.

ByteTree founder Charlie Morris has described this gold rally as a «proper gold rush»—something the market hasn’t seen since 2011.

«Gold above $3,000, silver above $24, and gold stocks gaining momentum—it struck me that the crypto crowd has never witnessed a true gold rush. The last time this happened was in 2011, when Bitcoin was just emerging at $20. They will now.»

A bullish technical analysis pattern, contrasting with the one in bitcoin (BTC) that warned of a recent market swoon, is seemingly emerging on bitcoin-holder MicroStrategy’s (MSTR) price chart.

The MicroStrategy pattern, a double bottom, comprises two consecutive troughs at about the same price, said to reflect downtrend exhaustion, and a trendline (a so-called neckline) drawn through the high point between them. A move beyond the trendline confirms the breakout, or the bearish-to-bullish trend change.

That’s especially true when the pattern unfolds after a notable slide, as in MSTR’s case, and the gap between troughs and the high is at least 10%, according to technical analysis theory. In MSTR’s case, it’s greater than 35%.

The chart shows a double bottom in MSTR at around $230 since late February with the neckline resistance identified by the early March recovery to $320.94.

A price move through that resistance would confirm the double-bottom breakout and signal a renewed bull run. Technical analysts typically add the gap between troughs and the neckline to the breakout point to derive the potential upside move, which, in this case, means a rally to $410.

The share price has also broken through the downtrend line, characterizing the meltdown from the November high of $543.

The evolving double bottom on the MSTR price chart looks like a mirror image of BTC’s double top. That pattern from early this year that warned of a price sell-off to $75,000.

BTC’s double top breakdown happened on Feb. 24, with prices falling below $91,000, suggesting a bearish trend reversal. The decline gathered pace in the following days, with prices sliding to as low as $76,800 last week. Wall Street’s tech-heavy index, Nasdaq, saw a similar breakdown early this month.

Double bottoms and double tops both have low failure rates, according to CMT books, meaning breakouts and breakdowns usually lead to extended price rallies or sell-offs.

MicroStrategy is the world’s largest publicly listed bitcoin holder, boasting a coin stash of 499,096 BTC ($41.5 billion).

Tether, the issuer of the USDT stablecoin, increased its holdings in bitcoin (BTC) miner Bitdeer (BTDR), building on a investment it started almost a year ago.

The company financed the acquisition with working capital and now owns 21% of the company, according to a Securities and Exchange Commission filing.

Tether first acquired a position in the Singapore-based company last May with a $100 million investment for 18.59 million Class A shares and an option to buy 5 million more at $10 each.

Tether is building a portfolio of holdings with its record profits, which came in at $13 billion last year, acquiring a stake in Italty’s Juventus FC and bidding for a majority stake in Latin American agricultural commodities producer Adecoagro.

Bitdeer’s stock is unchanged on Nasdaq pre-market trading, changing hands at $10.56.