Bitcoin Hits New Highs Above $118K, But Faces Cross-Asset Hurdles
11/7/2025
Bitcoin has surged above $118,000, reaching fresh all-time highs in dollar terms and entering price discovery beyond $117,000. Yet despite the impressive rally, the cryptocurrency is still struggling to surpass previous records when measured against other major assets.
Much of bitcoin’s recent gains appear driven by weakness in the U.S. dollar rather than by crypto-specific catalysts. The U.S. Dollar Index (DXY), which tracks the greenback against a basket of leading currencies, has dropped sharply from around 110 earlier this year to below 98. Historically, readings under 100 signal dollar softness—a trend that typically supports risk assets like bitcoin.
However, true independent strength for bitcoin would mean outperforming other assets—not just the dollar. So far, that hasn’t fully materialized.
For instance, one bitcoin currently equals just over 35 ounces of gold, below the peak ratio of about 40 ounces reached in December 2024. Against the British pound, bitcoin trades near 87,000 pounds (approximately $117,800), still under its record high of 90,000 pounds. Bitcoin’s ratios relative to major stock indexes like the S&P 500 and Nasdaq 100 also remain below historic highs.
These levels represent significant resistance zones for bitcoin. A decisive move beyond them would mark genuine price discovery across global markets, signaling that bitcoin’s rally isn’t merely a result of dollar weakness.
Until then, measuring bitcoin’s performance solely in dollar terms provides only part of the story. Its relative value against other major assets remains a crucial indicator of whether this bull run reflects real market strength—or is simply riding the wave of a weaker dollar.
