Bitcoin (BTC) Surges to Record High of $111,800

The run-away train that is Bitcoin has broken through the previous all-time high. Bulls have propelled the price to $111,800 so far on Thursday. Bitcoin is soaring into price discovery – how far can this rocketship go? $BTC surges from $74,500 to take out the all-time high It was back in February that the last all-time high of $109,300 was made. Following that high the $BTC price proceeded to slide sideways and downward, and eventually ended up getting all the way back down to $74,500. What many probably didn’t realise, was that this was the bottom of another bull flag that was forming. From this bottom in early April the price rose relatively quickly to take out the all-time high only a matter of five weeks or so later. It now remains to be seen just how much further into price discovery the $BTC price can go. Market sentiment is very much with the leading crypto asset, but there are likely to be some major bumps in the road ahead. USDT.Dominance breaks down Source: TradingView Two charts lend themselves to a continuation of Bitcoin’s ascent. The first is USDT dominance. When this is falling it generally means that money is coming out of the USDT stablecoin and into Bitcoin. The weekly chart is showing that USDT dominance is about to lose the 4.54% support level. If this does occur, dominance could continue decreasing down to the 3.8% support level as more stablecoins are sold into Bitcoin to fuel its rise. $BTC soars against gold Source: TradingView The BTC/GOLD chart makes for interesting viewing. We all know that gold has been on an absolute tear since the latter part of 2023, and that this went into overdrive in April. The rise in gold is probably not over yet by a long chalk, but what we are seeing now is that $BTC is beginning to catch up strongly. The weekly chart above shows that roughly 25 ounces of gold to one BTC was the bottom. Since that swing low $BTC has soared higher, currently at 33.3 ounces, and heading for the 34.6 ounces resistance. What does need to be borne in mind is that the 41 ounce all-time high will need to be surpassed by this current rally in order to maintain the series of higher lows and higher highs, and thereby keep $BTC in the ascendency against gold. Faltering price momentum and thin volume? Source: TradingView Back to $BTC itself, the short-term chart displays the breakout of the rising channel, and the surge up to the new all-time high. It also shows that it may not be just straight up from here. The shorter term Stochastic RSIs are at the top or nearing it. This means that upside price momentum could be about to falter. Another factor to take into account is that volume is quite thin. Volume was much, much higher in previous big breakouts, for example, the breakout of the previous 8-month bull flag. As it stands, volume has been decreasing since November 2024, so it can be imagined that this will need to change. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily