Gold Is Outperforming Bitcoin - Can It Continue? | Trading The Market: August 12, 2026

**Bijan Maleki** (0:06)
Happy Wednesday, everyone, and welcome back to another episode of Trading the Markets. I'm Bijan Maleki, of course, joined by Kris Bullock, aka Blastoplast. This is the show where we look at the charts. We talk about what's going on in the market, especially crypto market, and we take your questions live. So if you have any questions, drop them into the live chat here in Discord platform, and we will get to whatever we can.
We've got some stuff to go over today. Markets, doing what the market does.
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**Kris Bullock** (1:15)
Yeah, I figured we would start with Bitcoin, talk about that a little bit, and then I want to actually talk about PaxG some, and then the usual cast of characters that we all go through. And then I feel like, I know we don't spend a whole lot of time typically talking about stocks and AI stuff, but since I put out that note yesterday on the platform and it's gotten quite a bit of play, I feel like we could look at some stuff over in that arena as well, because there were a number of charts and a number of...
I had to make a choice. I couldn't just pick everything because there's a lot of stuff in there. So I picked some, but there's also some that kind of didn't make the cut, and I figured I'd talk about maybe why I did or didn't pick one over another. And because some people ask in the comments, have you looked at these, have you looked at those? What about this? And it's like, yeah, I have. But again, there's only so much money to go around. So yeah, I thought we could dig into some of that too and see what that looks like. But yeah, let's start with Bitcoin.

**Bijan Maleki** (2:10)
Let's do it.
So I think people asking about if you've looked at this and looked at that, I think they're asking because they're probably holding it. But anyway, sure.

**Kris Bullock** (2:20)
Yeah, I know. Yeah. And some of them are good. Like there's nothing wrong with a lot of them. They're great holds too. It's just like, you know, again, it's not like I have 10 million bucks that I can throw at all of these. So it's just you got to pick some and some don't make the cut. But anyway, so let's look at Bitcoin first. Bitcoin is annoyingly just plodding along at resistance. You know, so I have this purple box here that I've drawn. This is the horizontal range that it was in, really for the whole year until it lost it back here at the beginning of June. And it's just been plodding around here. It made its way up, it tried to close above it, and then it's been rejected and it's up and it's down. And it's kind of, we can see this yellow line here is the 200-week moving average, which I've talked about is kind of the line in the sand, the hopefully kind of the bottom support that historically has held as support. So, it's like sitting right on this line and kind of riding this, and it's kind of getting squeezed, we can see, because on the bottom side, we have the 200-week moving average, and on the top side, we have this just horizontal technical range. And so, it's, you know, it's got, well, again, it's getting squeezed. It's got forces on the bottom and the top side. And then right in the middle of it, we've got this 10-week moving average kind of splitting the difference. And so, it's all just sitting there in this flat sideways crunch.
And, you know, nothing is happening. But, the interesting thing, oh, wait, let me, before I move on, what I've seen is looking at the ETF flows. It's almost kind of tick for tick lately. Like, we knew the ETFs were ugly, ugly for a while, and then they were just kind of flat for a while. And then last week, it had a pretty big week. In fact, the biggest week that it's had, you know, going all the way back to whatever, like the middle of April, but then we're back down again on the week. And so, if we look at this, you know, up last week, down this week, kind of move back to the chart, it's, you know, up last week, down this week. So it's like, this is again, reinforcing the notion that Bitcoin is moving as the ETFs move. Like the ETFs are really the primary marginal buyer and seller of Bitcoin right now. And that's also, we can also see that exemplified by the Coinbase premium index is still well into the negatives. So, you know, this is also showing retail hasn't come back yet. Retail is not doing anything. ETFs aren't doing much. And Bitcoin is moving as the ETFs move. But we know that, like, I talked about last week how the financial conditions have eased and they've continued to ease. So, it's now two weeks in a row. We're looking good there. And we're starting to see that come through in the price of gold. Gold is bouncing exactly as the financial conditions are. So, like, if we look at PaxG, for example, we can see PaxG is rounded up nicely out of the bottoms. You know, it's coming back up to reclaim the 20-week moving average here and looks good. And then if we look at, like, the PaxG, the Bitcoin PaxG chart, or rather PaxG against Bitcoin, we can see that it's actually breaking out and in a new uptrend. And if I kind of look at it on this framework here, let me go here, we can see that it's actually about to trigger, like, a proper megatrend flip to the green, you know, to the upside. We can see we have double green dots here. It's above the track line. It's got a nice demark reset down here. It's only at a one and a two on the up count. So like, gold looks pretty good against Bitcoin. And I'm like, I'm thinking I maybe, you know, if you've got idle cash sitting in crypto, or you're waiting to kind of stack into some Bitcoin, you know, it looks like gold sort of has the edge at the moment. Gold is capturing some of that risk on movement that we're seeing come out of, you know, the cash positions already on the TradFi side. It hasn't worked its way into Bitcoin yet, but it's working its way into gold. And so this caught my eye and this looks interesting. And I think at the close of this week here, I'm expecting this this mega trend to flip green, you know, because we had a nice close above it last week, an even bigger close above it this week with a close above kind of the horizontal resistance level. So if it can keep this momentum, I think this is going to flip green and that's going to be something that probably holds for some time. So I like what I'm seeing on the gold side. I think it looks good and I think that's interesting, you know. So yeah, gold, and then, yeah, exactly, exactly.