Bitcoin Breaks Above $118K, But Broader Asset Benchmarks Remain Elusive

11/7/2025

Bitcoin has surged past $118,000, reaching new all-time highs in nominal dollar terms. Yet, despite the headline-grabbing rally, the cryptocurrency still faces significant resistance when measured against other major assets.

While bitcoin is now exploring price territory above $117,000, it remains below previous records relative to gold, key equity indexes, and the British pound. Much of this recent price appreciation appears driven less by crypto-specific catalysts and more by the declining value of the U.S. dollar.

The U.S. Dollar Index (DXY), which tracks the greenback against a basket of major currencies, has dropped sharply from around 110 at the start of the year to below 98. Levels under 100 typically indicate dollar weakness—a condition that tends to support risk assets like bitcoin.

However, for bitcoin to prove genuine independent strength, it needs to outperform other asset classes—not just the dollar. At present, that’s not fully the case.

Currently, one bitcoin equals just over 35 ounces of gold, well below the record ratio of approximately 40 ounces reached in December 2024. Against the British pound, bitcoin is trading around 87,000 pounds (about $117,800), also under its all-time high of 90,000 pounds. Meanwhile, bitcoin’s ratios versus major equity benchmarks like the S&P 500 and Nasdaq 100 also remain below their historical peaks.

These relative levels serve as long-term resistance zones. A decisive breakout above them would signal true price discovery for bitcoin across global asset markets. Until then, it’s difficult to assess bitcoin’s real performance without considering how it stacks up against other major assets beyond just the weakening dollar.