Bitcoin Outperforms Gold and Eyes $100,000
Bitcoin is holding up better than gold as rates and the dollar rise. On Deribit and through U.S. spot ETFs, $100,000 remains firmly in view as a price target.
Key Takeaways
- Bitcoin is outperforming gold and rose more than 40% this quarter, while gold fell nearly 4% on Monday because of higher rates and a stronger dollar.
- The price recovered after dipping to nearly $82,500 to around $84,000, and market watchers see technical room for a move toward $100,000.
- On Deribit and in U.S. spot Bitcoin ETFs, strong demand is visible, with high open interest and $2.31 billion in inflows across four sessions.
Bitcoin is doing something that seemed unlikely earlier this quarter: the coin is outperforming gold and keeping a possible move to $100,000 (€87,900) in view. While gold prices fell nearly 4% on Monday because of higher rates and a stronger dollar, Bitcoin dropped just 1% and then recovered to around $84,000 (€73,800).
Bitcoin Holds Up Better
Monday's move shows that Bitcoin is, for now, less affected by rising rates than gold. The price briefly fell to nearly $82,500 (€72,500), but quickly bounced back and stayed well above May levels. For the quarter so far, BTC is now up more than 40%, leaving other major markets, including gold and the S&P 500, far behind.
That resilience lines up with broader macro pressure on gold. Longer-term yields rose to their highest level since 2007, and the dollar index climbed from 98.78 on September 9 to nearly 101.50. For crypto investors, that matters because Bitcoin moves less with rates than gold has already shown a similar disconnect in earlier periods.
Technical Picture Points Higher
On the chart, Bitcoin still looks strong, according to market watchers. Jurrien Timmer, global macro director at Fidelity Investments, points to a double-bottom breakout around $80,000 (€70,300). That pattern is often seen as a sign that a downtrend is losing steam and that a new upward phase could begin.
Timmer said on X that a breakout above $80,000 (€70,300) could open the door to $100,000 (€87,900). His chart shows two lows this year at $60,033 (€52,800) and $57,742 (€50,700), with an interim peak around $82,800 (€72,800). At the same time, there is still uncertainty: patterns like this do not guarantee anything and can fail too.
Options and ETF Flows
The mood among professional traders lines up with that view. On crypto exchange Deribit, the $90,000 (€79,100) call is the most popular Bitcoin option, with $2.45 billion (€2.2 billion) in open interest. The $95,000 (€83,500) call follows with $2.33 billion (€2 billion), and the $100,000 (€87,900) call with $1.79 billion (€1.6 billion). That points to strong interest in further upside, even though those positions can flip quickly if sentiment changes.
Inflows into U.S. spot Bitcoin ETFs add more context too. Those products pulled in a combined $2.31 billion (€2 billion) in the four sessions through September 22. For European readers, that matters because those flows show that institutional demand for Bitcoin still plays a major role in the market, alongside day-to-day price moves.
