Bitcoin's BTC–Gold ratio has entered a bottom zone, reminiscent of past major lows, according to CoinRepublic. However, the 200-week moving average remains significantly below the current price, indicating that the true bottom may not yet be reached. On-chain metrics such as RSI and MVRV are showing early signs of support, but the overall setup suggests the possibility of another drop before a long-term upward trend. The correlation between Bitcoin and Gold has decreased to -0.59, highlighting divergent movements. The MVRV ratio, currently near 1.60, implies Bitcoin is undervalued compared to recent cycles. Additionally, futures data reveals a washout of long positions, which might lead to a short-term bounce but not necessarily a sustained rise.