BTC price rally reflects the weakness of the dollar, still below bitcoin compared to gold, pounds
Bitcoin
reached A full time high On Thursday, and is now at the discovery of the price above $ 117,000, but the largest cryptocurrency of the market cap remains below the earlier notes set against the gold, benchmark equity index and the British pound.
That’s because most of the recent rally reflects the weakness of the dollar than any broad catalyst for the crypto. The DXY Index, a measure of US money against a basket of trading partners, has fell from 110 At the beginning of the year to the bottom 98. Levels Below 100 standard The weakness of the signal dollar, which generally supports the risk of risk.
In order for Bitcoin to demonstrate true independent strength, it must exceed other properties, and this is not happening at the present time.
A BTC is currently equal to more than 35 ounces of gold, for example, whereas all time high is around 40 ounces in December 2024. Similarly, Bitcoin traded at 87,000 pounds ($ 117,800)While all time high stands at 90,000 pounds. As for stocks, the Bitcoin ratio to the S&P 500 and Nasdaq 100 also remains below the historical peaks.
These levels represent long -term resistance zones. When Bitcoin certainly destroys them, then the real discovery of the price can start. Without looking at Bitcoin in connection with basic possession other than dollars, it is difficult to evaluate how it actually acts.
