Bitcoin approaches the emotional level of 20:1, while the 365-day average price sits just above it at 21 ounces of gold per BTC.

Gold's ratio tends to outperform when both assets are under price pressure. There also tends to be chop and volatility near the 365-day moving average. Expect volatility soon.

Another observation: the longest stretch the ratio has historically sat under the 365-day moving average is 11 months, tagged in the 2022 to 2023 rate raising cycle. We are currently in the 11th month of the current cycle, where the amount of gold 1 BTC could buy has been less than the 365-day average.