Gold prices have blasted past $5,000 an ounce in early 2026, comfortably outperforming Bitcoin in recent months, according to a detailed chart released today by independent analyst Markus Thielen via Matrixport.
📊Today’s #Matrixport Daily Chart – January 27, 2026 ⬇️
Why Central Banks Are Buying Gold #Matrixport #Gold #CentralBanks #Macro #BTC #FXReserves #USDollar #Bitcoin pic.twitter.com/YOc1b54uIl
— Matrixport Official (@Matrixport_EN) January 27, 2026
The visual tracks Bitcoin (white line, left axis) against gold (blue line, right axis) from February 2024 through February 2026. Gold started the period around $2,100–$2,200 and has climbed steadily, accelerating sharply in late 2025 to reach over $5,017 recently. Bitcoin, meanwhile, rallied to roughly $125,000 before retreating, closing the chart near $87,912. The contrast is clear: gold’s rise has been persistent and less volatile, while Bitcoin shows the familiar sharp swings.
Dollar debasement fears spark fresh buying
Thielen points to renewed concerns over U.S. dollar debasement as the main driver. Talks of new tariffs on Europe under a potential Trump administration have reignited dollar-selling pressure.
That has fueled speculation that foreign central banks could cut back on U.S. Treasury holdings and redirect reserves into gold instead. The People’s Bank of China (PBoC) stands out as a consistent buyer, adding a reliable bid that has supported gold’s upward momentum even when broader markets hesitate.
Also Read: Goldman Lowers Gold Forecast as Fed Rate Cuts Move to 2027
Why Gold Wins Over Bitcoin in Official Reserves
Gold benefits hugely from its long-standing status as a trusted reserve asset. Central banks have been comfortable holding and accumulating it for decades. Bitcoin, despite the “digital gold” label, remains almost entirely absent from publicly disclosed official reserve strategies. Policymakers still view it as too volatile and unproven for balance-sheet allocations. That official-sector preference gives gold a structural edge right now, helping explain its strength while Bitcoin underperforms in this environment.
Meanwhile, Bitcoin extended its corrective phase after failing to reclaim a closely watched technical level that has historically separated bull markets from prolonged downturns. Matrixport noted that the asset remains below its 21-week moving average, reinforcing bearish conditions despite short-lived rebounds in recent weeks.
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