Analysis: Bitcoin and gold exchange rate movements suggest that the bull market trap still exists and may enter a deeper correction

The data shows that the bitcoin-gold (BTC/XAU) exchange rate has entered a bearish fractal. It is currently testing the 50-day moving average level. If it falls below, it may enter a deeper correction, especially in the case of worsening macro conditions. According to the analysis, the price outlook of bitcoin seems to be skewed to the downside from the fundamental point of view. Investors are concerned that President Trump's global tariff war may escalate into a full-scale trade war and trigger a US recession. Risk assets such as bitcoin tend to underperform during economic contractions.