Gold (XAU) and Bitcoin (BTC) prices moved in different directions on Wednesday as the market assessed the results of the US midterm election. Bitcoin prices dropped to the $75,600 level on Wednesday and rebounded back above the $77,300 area. Gold prices recovered above the $4,000 level as the US dollar index dropped towards 101.30. The strong drop in the US dollar index triggered rebound in gold.

The drop in Bitcoin on Wednesday might be associated with concerns that Democratic gains could lead to tight oversight of crypto sector. This uncertainty in the market raised the question of which asset will win during this political uncertainty and offer better return.

The demand figures for both assets show different messages. The World Gold Council reported that central banks bought 321 tons of gold in Q3 which highlights that the demand for reserve diversification remains strong. But US spot Bitcoin ETFs recorded net outflow of $115.6 million on Tuesday as per the latest data from Farside Investors.

Gold prices face pressure from the high interest rate environment. The market is now watching for the US jobs data on Friday. This data may impact expectations for interest rates and then impact both markets.

Bitcoin Price Forecast: $75,000 Support and Downside Risks

Bitcoin price produced a high in September 2026 at $87,397 and triggered a correction toward the support areas. The price has now moved toward the key support zone of $70,000 to $75,000 after breaking below the $80,000 area. If the price breaks below $75,000, it may push further down toward $70,000. But a break below $70,000 may open the way for another drop towards the support of the ascending broadening wedge at $66,000.

The emergence of the ascending broadening wedge pattern highlights the strong volatility in the Bitcoin market. Therefore, if the price confirms a bottom near $66,000, it will likely form a low and trigger rally again toward the $85,000 level.

The importance of the $75,000 zone is also observed on the daily chart, which shows that the price has hit near this support zone. The low on Wednesday was $75,600. The price is now consolidating above this support zone and shows uncertainty due to US election.

Bitcoin formed inverted head and shoulders formation in Q2 and Q3 2026. The head was formed in June at $58,000 and the shoulders were formed near the $59,000 and $62,200 areas. This price action suggests that Bitcoin still remains bullish as long as the price holds the $70,000 area.

Gold Price Forecast

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Gold-to-Bitcoin Ratio: Key Levels for the Next Major Move

The ratio of gold to Bitcoin is used to pinpoint major support and resistance areas in gold and Bitcoin. The chart below shows that the gold-to-Bitcoin ratio has been trading within a descending channel pattern since July 2013. It is observed that when the ratio produces a high and continues to drop, Bitcoin prices produce a bottom and gold continues to rally.

The highs in the ratio in 2015 produced a bottom in Bitcoin, and the gold price continued to rally higher. Similarly, the peak in the ratio in March 2020 also produced a bottom in Bitcoin and a strong rally in gold prices. Then, the 2022 high in the ratio coincided with another bottom in Bitcoin and moved gold prices higher.

However, the ratio broke the descending channel pattern in September 2025. After the breakout, the ratio continued to rally. The ratio hit resistance near the 0.08 level and then started to correct lower, when Bitcoin price hit support near the $60,000 area. The correction in the ratio has again initiated a rally in Bitcoin prices.

The ratio must now clearly break below the 0.05 level and continue to drop toward 0.026 in order to build strong rally for Bitcoin. But if the ratio continues to rally above 0.08, it may create further pressure on Bitcoin prices.

Bottom Line

Gold prices rebounded higher on Wednesday as the US dollar pushed lower on US votes. Despite this rebound in gold, the price needs to close the day above $4,000 to suggest a stronger recovery to $4,250. Bitcoin must hold $75,000 to avoid deeper correction. If the ratio of gold to Bitcoin breaks below 0.05, it may strengthen bullish outlook for Bitcoin.

The market is now watching for the US jobs data on Friday that may influence expectations for interest rates and affect both markets. In my view, gold provides strong defensive case after the US vote but the recovery still needs confirmation.

Read more: BTC Price Gains Against Gold Ahead of Fed Decision