Is Bitcoin Really Near Its ATH – Or Is the Dollar Just Weak?

It might look like Bitcoin is flying high again. Yesterday, it touched $105,000 – just shy of the $109,114 all-time high it set in January. But the closer you look, the more the picture shifts. The U.S. dollar has quietly weakened over the past few months.

Measured in other currencies, Bitcoin is still very strong – but not quite as close to the record as it might first appear.

Bitcoin and the Dollar

Back in January, when Bitcoin hit $109,000, the dollar was stronger. The EUR/USD rate was around 0.96 – it’s down to 0.89. The British pound moved from 0.81 to 0.75, and the yen dropped from 155.7 to 147.8 per dollar.

This isn’t some quiet side note. The U.S. Dollar Index (DXY), which tracks the dollar against a mix of major currencies, fell from 109 in January to just above 101 now. That’s a clear sign of a weaker dollar.

And when the dollar loses value, anything priced in dollars – including Bitcoin or gold – will appear to rise. That doesn’t automatically mean Bitcoin is stronger – it might just mean the dollar is buying less.

Still Strong in Other Currencies

Measured in dollars, Bitcoin is only 5.5% away from its all-time high. In other currencies, the gap is a bit wider though. In euros, it’s down about 12.2% from the peak. In pounds, it’s 12.7%. And in Japanese yen, around 10.1%.

Yes, that’s a bigger drop than in USD. But it’s still a very solid result. Even after months of global instability and market stress, Bitcoin is trading within striking distance of its record – in nearly every major currency. That says a lot about how much confidence it’s still holding.

The fact that Bitcoin hasn’t dropped further in these currencies – and is still this close to its highs – is a sign of strength, not weakness. It means the dollar might be exaggerating the rally a little, but it’s not faking it entirely.

In Some Countries, It’s a New All-Time High

Meanwhile, in places where local currencies are in free fall – like Argentina and Turkey – Bitcoin has already broken new records. It hit all-time highs in both ARS and TRY just yesterday.

In those countries, the story is completely different. Crypto isn’t just seen as a tech asset or speculation – it’s a lifeline and a way to hold value when everything else is falling apart. High prices there don’t just reflect Bitcoin’s performance – they reflect deep issues in the local economy.

Conclusion

So is Bitcoin really near its all-time high? That depends on the currency you’re looking at. In U.S. dollars, it’s just a few percent away. In euros, pounds, and yen, the gap is a bit wider, with around 10-12% from ATH.

But that doesn’t make the rally any less meaningful. If anything, it highlights why so many people continue to turn to crypto in the first place. Traditional currencies can be pushed and pulled by policy decisions, trade tensions, and inflation.

Bitcoin isn’t immune to global events – but it doesn’t answer to any central bank either. So while part of its recent strength comes from a weakening dollar, that price movement is also a reminder of why so many people look to crypto in the first place – as an alternative to traditional money that governments can change at will.