Bitcoin
reached a high highlight on Thursday and is now in price discovery over $ 117,000, but the largest cryptocurrency with market capital remains under previous items set against gold, benchmark share index and the British pound.
That’s because much of the recent rally reflects the dollar’s weakness rather than any broad catalyst for crypto. The DXY index, a measure of the US currency against a basket of trading partners, has dropped from 110 at the beginning of the year to under 98. Levels below 100 typical signal dollar weakness, which is generally supportive of risk assets.
In order for Bitcoin to demonstrate genuine independent strength, it must also surpass other assets and this is not happening at the moment.
A BTC is currently equal to just over 35 ounces of gold, for example, while the high of the feast was about 40 ounces in December 2024. Similarly, Bitcoin is 87,000 pounds ($ 117,800)While it is always at most 90,000 pounds. As for stocks, the relationship between Bitcoin and S&P 500 and NASDAQ 100 also remains under historic tops.
These levels represent long -term resistance zones. When Bitcoin first breaks through them, the true price discovery can begin. Without looking at Bitcoin compared to assets other than the dollar, it’s hard to assess how it really works.
