Gold vs Bitcoin: BTC Eyes $100,000 Above Key Resistance

New York Fed President John Williams said that the Fed did not have to rush to raise interest rates again. These developments have dropped the expectations of September rate hike from 67% to around 60% as per the FedWatch tool.

But the threat of high oil prices looms. Brent crude rallied above $95 amid the U.S.-Iran conflict that has affected energy markets and limited shipping through the Strait of Hormuz. The high oil prices could help to keep inflation high and push the Fed to increase rates. In my opinion, gold will receive safe-haven demand if the conflict escalates further. But Bitcoin might struggle when yields and geopolitical risks rise as traders tend to lighten positions in volatile assets.

The movements of the Bitcoin ETF are also volatile. U.S. spot Bitcoin ETFs saw $236.5 million in net outflows on September 1. They raised $101.1 million on September 2, which was still less than half of the amount they withdrew in the previous session. This suggests institutional demand has not disappeared but buyers are cautious. The positive traction in inflows may bring back momentum for Bitcoin. Another leg to the outflows would favor further outperformance in gold.

Bitcoin Price Forecast: $82,300 Breakout Targets $100,000

The weekly chart for Bitcoin shows that the price failed to break below the $60,000 support zone and surged to $82,000. The key resistance now stands at $82,300 and a break above this level will likely open the way toward $100,000. But the price must hold the $60,000 support zone to avoid any further drop toward the $49,100 level.