Bitcoin Defies Geopolitical Risk with 52% Rally Against Gold

Bitcoin's price has rallied 52% against gold even as geopolitical risk mounts. The cryptocurrency is currently trading near $81,338 and is defending its support at $80,837 within a descending triangle.

The formation of this triangle dates back to the early September high near $82,900, and Bitcoin needs to break above $82,087 to challenge the range's strong high.

Bitcoin has closed the week above its 50-week moving average for the first time in 45 weeks, a signal that is often tied to past bear-market endings. This move adds to the bullish momentum of the cryptocurrency, and spot Bitcoin ETFs have added $433.03 million on September 18, pushing cumulative inflows past $55 billion.