Bitcoin Nearing $100,000 As Gold Loses Its Shine

Bitcoin shows a 3% increase on May 1st, briefly reaching $97,400 before dropping back to $96,600. Bullish investors are now preparing to face the psychological resistance at $97,000, while gold is experiencing a significant correction, losing more than 8% since its recent all-time highs.

A resilient Bitcoin amid macroeconomic uncertainties

On May 1st, the bitcoin price crossed the $97,000 mark, its highest level since last February 22.

This rise occurred alongside a significant increase in US stock markets, notably driven by Microsoft, which jumped 10%, becoming the most valuable company in the world.

The data from Cointelegraph Markets Pro and TradingView confirm this bullish trend putting pressure on short positions.

Analyst Daan Crypto Trades also pointed out that stocks could return to a sustainable bullish momentum if they hold above the 0.618 Fibonacci retracement level after their recent correction.

“I believe the general rule is that if stocks come back above the 0.618 Fibonacci retracement after a sharp decline, the bottom is considered reached,” he explained in an analysis published on X.

The order book liquidity shows a significant concentration around $97,000, a key level that traders are closely monitoring. According to CoinGlass data, this threshold represents a major resistance that could determine the market’s next direction.

A favorable context despite recession fears

While bitcoin surges, gold undergoes a significant correction of over 8% compared to its recent all-time highs. This decline takes place within a broader context of commodity price drops, especially oil, which is also going through a difficult period.

This divergence between gold and bitcoin comes as recession fears in the United States intensify following disappointing US GDP data. The 0.3% contraction of the US economy in the first quarter of 2025 puts the Federal Reserve under pressure to cut interest rates.

Analyst Michaël van de Poppe commented that these unfavorable macroeconomic data increase pressure on the Fed to restart money printing, which would be beneficial for risk assets in the medium term but negative for gold in the short term.

Meanwhile, institutional interest in bitcoin continues to strengthen, as evidenced by BlackRock’s record $970 million investment in its Bitcoin ETF, thus consolidating its dominant position in this market.

Against the backdrop of a potential US recession and the weakening dollar, bitcoin could paradoxically come out ahead in 2025, gradually establishing itself as an alternative store of value, similar to Arizona’s pioneering initiative which plans to make it a strategic state reserve.