$BTC vs Gold just did something it has never done before.
The monthly RSI has broken through an 11-year structural floor — the same level that historically marked the end of Bitcoin’s deepest relative drawdowns. At the same time, the chart has printed seven straight red monthly candles against gold. That isn’t normal volatility. That’s sustained capital rotation away from BTC and into hard safety.
When Bitcoin underperforms gold for this long, it usually means fear has fully settled in. Momentum traders leave. Narratives fade. The asset stops being exciting and starts being ignored.
That’s typically where accumulation begins.
This zone doesn’t form during hype cycles. It forms when BTC looks weak, when gold looks stable, and when conviction is at its lowest. Historically, those moments have preceded the largest relative reversals.
If the RSI reclaim holds and the selling pressure exhausts, this period will likely be remembered less as underperformance — and more as the quiet phase where long-term positioning happened before the next expansion leg.