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

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Bitcoin‘s Dazzling Dance: A High-Stakes Tango with Fortune! 💃🕺

Oh, darling, gather ’round! The runaway train that is Bitcoin has just shattered its previous all-time high, soaring to a staggering $111,800 on this fine Thursday. One must wonder, how far can this rocketship of digital delight ascend? 🚀

From $74,500 to the Stars! 🌟

Ah, February, the month of love and lofty dreams, when our dear Bitcoin last flirted with the all-time high of $109,300. But alas, after that dizzying peak, it decided to take a leisurely stroll downwards, landing at a rather pedestrian $74,500. Little did the masses know, this was merely the bottom of a cheeky bull flag, preparing for its grand re-entrance!

Fast forward to early April, and lo and behold, the price has risen with the grace of a prima ballerina, reclaiming its throne in just five weeks. Now, the question on everyone’s lips: how much further can our beloved $BTC waltz into the realm of price discovery? The market sentiment is positively buzzing, but do brace yourselves for a few bumps along this glittering road ahead! 🎢

USDT Dominance: A Dramatic Decline! 📉

Two charts are whispering sweet nothings about Bitcoin’s ascent. First up, the USDT dominance. When this little number is on the decline, it usually means that cash is flowing out of the USDT stablecoin and into the arms of Bitcoin. How romantic! 💰

The weekly chart is hinting that USDT dominance is about to lose its 4.54% support level. If it does, we might just see it tumble down to the 3.8% support level, as more stablecoins are sold off to fuel Bitcoin’s meteoric rise. What a spectacle! 🎭

Bitcoin vs. Gold: The Showdown! ⚔️

Now, let’s take a gander at the BTC/GOLD chart, shall we? Gold has been on a fabulous spree since late 2023, and it seems to be in overdrive since April. But wait! Our dear $BTC is catching up with a vengeance!

The weekly chart reveals that the bottom was around 25 ounces of gold for one BTC. Since that swing low, $BTC has soared to a dazzling 33.3 ounces, with eyes set on the 34.6 ounces resistance. But let’s not forget, the all-time high of 41 ounces must be surpassed to keep our darling $BTC in the limelight against gold. The drama unfolds! 🎬

Faltering Momentum: A Bit of a Stumble? 🤔

Back to our star, $BTC! The short-term chart shows a breakout from the rising channel, leading to this new all-time high. However, it appears the ascent may not be a straight shot to the heavens. The shorter-term Stochastic RSIs are perched at the top, suggesting that our price momentum might just be ready for a little breather.

And let’s not overlook the volume, which is as thin as a supermodel on a diet. Volume was much more robust during previous breakouts, like the last 8-month bull flag. As it stands, volume has been dwindling since November 2024, so one can only imagine that a change is in the air! 🌬️

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2025-05-22 12:06