Key points:

  • Bitcoin needs to break through $115,000 to confirm upside continuation.

  • Concerns around the CME futures gap still see a retreat to $110,000 coming first.

  • Gold hits fresh record highs, but now, traders think that Bitcoin is ready to follow.

Bitcoin (BTC) consolidated gains on Tuesday as new all-time highs for gold focused attention on a BTC copycat move.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView


BTC price bound by $115,000 “breakout” level

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $113,000 after the Wall Street open.

The pair had hit $114,842 overnight, marking its highest levels since Sept. 22 and emboldening traders’ BTC price forecasts.

“$BTC is forming a hidden bullish divergence now,” popular trader Cas Abbe told followers in one of his latest posts on X, referring to the relative strength indicator (RSI) on daily timeframes. 

“Also, it's approaching a crucial resistance level around $115K level and a reclaim will confirm the breakout. Keep an eye on it.”
BTC/USDT one-day chart with RSI data. Source: Cas Abbe/X

Crypto trader, analyst and entrepreneur Michaël van de Poppe likewise saw upward continuation after what he called a “slight pullback.”

“As you can see, Bitcoin broke through a crucial resistance zone and has a ton of upwards potential,” he reported alongside a chart on the day.

BTC/USDT four-hour chart with RSI data. Source: Michaël van de Poppe/X

Reservations still remained around the weekend “gap” in CME Group’s Bitcoin futures market, which had created a potential downward price target at $110,000.


Traders see Bitcoin all-time highs as gold keeps gaining

The main talking point, however, was Bitcoin versus gold as XAU/USD hit yet another all-time high of $3,871 per ounce.

Related: Watch these three Bitcoin price levels ahead of monthly close: Analyst

XAU/USD one-day chart. Source: Cointelegraph/TradingView

As Cointelegraph reported, frustration had been running high as the BTC price action failed to replicate gold’s bullish performance in recent weeks.

Now, market participants believed that the positive correlation between the two assets remained.

Popular trader Merlijn said that Bitcoin was still “following gold’s script.”

“Gold: shakeout into ATH. Bitcoin: same consolidation, same trap. The breakout is coded. Next stop: price discovery mode,” part of an X post on the day read.

BTC/USD vs. Gold comparison. Source: Merlijn The Trader/X

Crypto analyst and entrepreneur Ted Pillows maintained that BTC/USD was simply following gold with a characteristic delay — one that he calculated as eight weeks.

“Right now, Gold is hitting new highs, which means Bitcoin will do this next. Maybe we could see another correction, but overall Q4 will be big for Bitcoin,” he predicted. 

Fellow trader Daan Crypto Trades, meanwhile, agreed that the Bitcoin catch-up was a “matter of time.”

“Throughout this cycle, BTC & Crypto have had short spurs of large outperformance, followed up by long sideways consolidation periods relative to $GOLD & Stocks,” he told X followers. 

“But in the end, the market always tends to catch up & more.”
BTC/USD vs. XAU/USD three-day chart. Source: Daan Crypto Trades/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.