Bitcoin (BTC) to Gold Ratio Hits 18.17, Highest Since January

Debasement Trade Lifts Bitcoin and Gold Together

Bitcoin (BTC) now buys more than 18 ounces of gold, with the bitcoin-to-gold ratio reaching 18.17 — its strongest relative reading since January — as the two hard assets rally together in the aftermath of the Federal Reserve's latest jobs data. TradingView charting data confirms the pair last traded at this ratio eight months ago. The metric itself is a simple division — bitcoin's dollar price per coin over gold's dollar price per ounce — but at current levels one coin covers over 18 ounces of bullion, and the reading forces a pointed question: is Bitcoin capturing a durable share of the safe-haven bid from gold, or merely moving faster through a door gold already opened? The fiscal backdrop favors the bulls' reading. Every major advanced economy except Switzerland now carries a debt-to-GDP ratio above 100%, and the United States leads the group on primary deficit — the shortfall that remains once interest payments are stripped out. U.S. Treasury Secretary Scott Bessent stated the official position at the G20 finance ministers' meeting in Asheville, North Carolina: the world is awash in debt, and growth — not austerity — is the only realistic exit. SkyBridge Capital founder Anthony Scaramucci read those remarks as an accidental endorsement, arguing on his X account that “Bessent stood in front of the G20 and said the world is awash in debt. Bitcoin's entire pitch is that sentence,” calling it “the best Bitcoin ad of the year.” Advocates of bitcoin maximalism point to the asset's fixed supply of 21 million coins — a cap enforced by its proof-of-work design and halving schedule — as structural insulation from exactly the policy choices Bessent described. Skeptics counter that a rising ratio can simply reflect bitcoin's higher volatility amplifying the same debasement narrative faster than gold can move, not a permanent shift in store-of-value demand.

his X accounthttps://x.com/Scaramucci/status/2095475309105582217

Waller Remarks Fuel Rebound to $81,000

The ratio's move landed alongside a sharp BTC price recovery. Bitcoin climbed from the $77,000 area on September 3 to roughly $81,000 by the morning of September 4 in Asian hours, and the catalyst was Fed Governor Christopher Waller. Speaking on September 3, Waller said he would support leaving the policy rate unchanged at the September 15-16 FOMC if disinflation continues, while keeping the option of a hike should inflation data firm again. Markets read that as a signal an additional rate hike is no longer a near-certainty: implied September hike odds dropped from 63.2% to 50.4% after the remarks. With the hike overhang easing, U.S. equities firmed and the wider Bitcoin market caught a bid. In Tokyo, the move flowed straight into treasury vehicles: Metaplanet, the corporate whale holding 43,000 BTC, saw its stock jump as much as 10% intraday on September 4, touching ¥315 after closing the prior session at ¥279. The rebound does not settle the trend question. August U.S. employment data is due on September 4, and August CPI follows on September 11 — either print can reprice the rate path Waller just softened. Cycle-focused traders can lean on our Bitcoin Rainbow Chart guide for longer-horizon context, while on-chain flow data offers a nearer-term caution: exchange reserves absorbed 1,818 BTC in daily net inflow even as price recovered, meaning supply kept returning to exchanges through the bounce. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

$78,324 Support Decides the Next Leg

The rebound's catalyst has since reversed course. The August U.S. employment report, released September 4, showed the economy adding 162,000 jobs — roughly tripling expectations of 55,000–58,000 — while unemployment held at 4.1% and July's figure was revised from a 23,000 loss to a 21,000 gain. The surprise lifted Treasury yields and the dollar and pushed implied rate-hike odds back above 50%, sending Bitcoin down roughly $3,000 to below $79,000 after it failed to clear $82,400. The Kobeissi Letter flagged the irony on X, noting that stocks fell on the strong labor print because it raises the chance of further hikes. Even so, traders on prediction platform Kalshi continue to bet on Bitcoin touching $85,000 before the end of September, implying roughly an 8% advance from levels near $79,000, with the asset briefly slipping under $80,000 during the correction.

(as of 14:40 UTC) COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $80,811.61 resistance at 79/100, driven by the confluence of ATR Upper, Fibo 0.000, Donchian Upper and Keltner Upper — the ceiling the sideways tape is pressing against. Immediate support at $79,507.02 is the strongest level on the board at 78/100, sourced from Fibo 0.114, a bullish Pin Bar, the Ichimoku Tenkan and a Flip R→S, while the $74,131.55 shelf (65/100, Ichimoku Kijun, Supertrend, HVN, Fibo 0.382) anchors deeper demand. Spot trades at $79,745.42, up 0.39% on the day with a $1.60 trillion market cap. Momentum is mixed: RSI at 66.64 against a bearish MACD signal in a sideways trend. Positioning stays constructive — funding at -0.0005%, open interest near $15.76 billion, long/short ratio at 1.12 (52.8% long / 47.2% short) — and the Fear & Greed Index reads 73 (Greed). Holding $79,507 keeps a push toward $80,811 in play; losing it shifts focus to $74,131.