Gold Tests Historic Levels as Bitcoin Revisits Key Support

Gold is approaching a critical juncture when measured against U.S. money supply (M2SL), reaching a level last seen in 2011 and not surpassed since the 1970s. Back then, the metal’s price more than tripled over several years, hitting a record $700 an ounce.

In contrast, Bitcoin (BTC $88,388.75), often called digital gold, has fallen toward a key support level, revisiting lows last seen during the “tariff tantrum” in April.

Gold, which traded around $1,800 an ounce in 2011, now hovers near $4,500. When compared to the U.S. money supply—which includes cash, bank deposits, and liquid savings—the metal has reached a historical resistance zone. To reach this point, gold has surged roughly 70% this year.

Bitcoin, meanwhile, is down about 10% in 2025. Yet it continues to set fresh highs relative to the U.S. money supply in each cycle. The current support also coincides with the prior cycle high in March 2024, highlighting the cryptocurrency’s ongoing role as a store of value in the digital era.