Bitcoin Price Rally Targets $108K as Market Cap Reaches $3.67T
Bitcoin reached a new all-time high, driving the total crypto market cap to $3.67 trillion. Increased buying pressure over weekends indicates potential for further price increases.
As Bitcoin rises, Ethereum's price has surpassed $4,000, contributing to the widening gap between Bitcoin and gold prices.
Bitcoin Is Now Worth ~40 Oz of Gold
The BTC-to-gold ratio has hit 40.04, indicating that approximately 40 ounces of gold are needed for one Bitcoin. Peter Dant, a noted chart trader, highlighted this achievement on social media, noting a more than 10% price increase for Bitcoin in five days.
Brandt's analysis indicates a breakout pattern suggesting the BTC-to-gold ratio may rise to 89.33, equating to a future value of 89 ounces of gold for one Bitcoin.
Bitcoin ETFs to Surpass Gold amid US BTC Reserve Chances
BlackRock’s iShares Bitcoin ETF (IBIT) has become the second-best-performing US ETF, with assets under management (AUM) of $54.983 billion, surpassing the iShares Gold Trust at $34.205 billion. IBIT has grown 117.5% year-to-date, reflecting Bitcoin's appeal over traditional gold-backed investments.
The total net assets of 12 US spot BTC ETFs have reached $114.97 billion, with a weekly inflow of $2.17 billion, indicating rising institutional confidence in BTC ETFs.
Former President Donald Trump announced plans for a Bitcoin strategic reserve, likening it to the US oil reserve, emphasizing the importance of maintaining a competitive edge in crypto.
“We’re gonna do something great with crypto because we don’t want China or anyone else getting ahead.”
Bitcoin Channel Breakout Targets $108K
Bitcoin's 4-hour chart reveals a rally within a rising channel pattern, though recent bearish activity has created challenges for a breakout. The price is currently facing resistance but shows underlying strength in the MACD indicators.
If support from ETFs continues, a breakout could target the R1 pivot resistance level at $108,301, while the crucial support level remains at $101,275.