Share this article
Bitcoin's Rally Reflects Dollar Weakness, Other Assets Highlight the Barriers Ahead
Bitcoin broke above $118,000, but key resistance levels remain across other assets.
Updated Jul 11, 2025, 12:28 p.m. Published Jul 11, 2025, 8:30 a.m.
What to know:
- Bitcoin’s price discovery continues above $117,000, driven partly by a weaker U.S. dollar, a decline that supports risk assets like equities and crypto.
- Despite the dollar-price record, bitcoin remains below highs when measured against gold, equity indexes and the British pound, indicating key resistance levels remain before true breakout potential.
Bitcoin reached an all-time high on Thursday, and is now in price discovery above $117,000, but the largest cryptocurrency by market cap remains below earlier records set against gold, benchmark equity indexes and the British pound.
That's because much of the recent rally reflects the weakness of the dollar rather than any broad catalyst for crypto. The DXY index, a measure of the U.S. currency against a basket of trading partners, has fallen from 110 at the start of the year to below 98. Levels below 100 typically signal dollar weakness, which is generally supportive for risk assets.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
For bitcoin to demonstrate true independent strength, it must outperform other assets too, and that's not currently happening.
One BTC currently equals just over 35 ounces of gold, for example, whereas the all-time high was around 40 ounces in December 2024. Similarly, bitcoin is trading at 87,000 pounds ($117,800), while the all-time high stands at 90,000 pounds. As for stocks, the ratio of bitcoin to the S&P 500 and Nasdaq 100 also remains below historical peaks.
These levels represent long-term resistance zones. Once bitcoin decisively breaks through them, then true price discovery can begin. Without looking at bitcoin in relation to major assets other than the dollar, it's hard to assess how it is really performing.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
U.S. added 64,000 jobs in November, with unemployment rate jumping to 4.6%
Combined with softer than expected October data, this morning's numbers point to at least a modestly weaker jobs market as the economy heads into the end of the year.
What to know:
- The U.S. added 64,000 jobs in November, while the unemployment rate rose to 4.6%.
- As for October, employment fell by 105,000 versus 119,000 jobs added in September.
- Both reports had been delayed to the U.S. government shutdown.
Top Stories
