Bitcoin beats gold, surge to $100,000 in play
Bitcoin is currently outperforming gold and other major assets, with technical indicators suggesting a potential rally toward $100,000. Analysts point to a 'double-bottom' chart pattern as a key signal for this bullish trend.
Why it matters
Bitcoin's resilience against rising Treasury yields suggests a shift in how investors view the cryptocurrency as a potential hedge or speculative asset compared to traditional commodities.
Bitcoin BTC $84.117,13 is doing what appeared unthinkable at the start of this quarter and earlier this year. It’s outperforming gold at a time when rising yields are weakening the yellow metal, while its price action points to a potential rally to $100,000.
The yellow metal fell by nearly 4% on Monday as longer-duration yields hit their highest levels since 2007, lifting the dollar index. The DXY has risen by 2.7% from 98.78 to nearly 101.50 since Sept. 9.
BTC, however, slipped just 1% on Monday, briefly hitting lows near $82,500 before bouncing back to trade around $84,000 at the time of writing.
The resilience is not limited to the 24-hour price action. BTC has surged more than 40% this quarter, leaving gold, the S&P 500 and every other major asset far behind.
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