Gold and bitcoin (BTC) prices have trended higher over the past few weeks, supported by rising global geopolitical tensions, including trade disputes and escalating conflicts in the Middle East. As of Saturday’s trading (January 17), global gold prices stood at US$ 4,595 per troy ounce. Meanwhile, CoinMarketCap data showed BTC trading at around US$ 95,137, equivalent to approximately Rp 1.6 billion based on an exchange rate of Rp 16,909 per US dollar.

The upward movement in BTC followed the release of US inflation data, which was viewed as relatively moderate. US Consumer Price Index (CPI) figures for December rose 0.3% month-on-month and 2.7% year-on-year, while core inflation increased by only 0.2% month-on-month and 2.6% year-on-year.

From an industry perspective, positive sentiment was also driven by developments in US crypto regulation, particularly the draft Digital Asset Market CLARITY Act. The proposed legislation clarifies whether crypto assets fall under securities or commodities and expands the authority of the Commodity Futures Trading Commission (CFTC) to oversee the spot crypto market.

Tokocrypto analyst Fyqieh Fachrur noted that markets are increasingly interpreting these signals as an indication that monetary policy pressures are easing, while the regulatory environment for crypto assets in the US is becoming more constructive.

From a technical standpoint, Fyqieh explained that BTC has broken out of its consolidation phase since late 2025 and still has room to climb toward the US$ 100,000 level, or roughly Rp 1.69 billion, as long as it holds above the US$ 94,000 support area. Institutional inflows remain a key positive driver, with US spot Bitcoin ETFs recording inflows of over US$ 750 million in a single day, the highest level since October 2025.

He added that maintaining the US$ 94,000 level as a strong support reflects growing buyer dominance, keeping the possibility of retesting the psychological US$ 100,000 mark firmly in play.

Separately, Doo Financial Futures currency analyst Lukman Leong cautioned that BTC price volatility remains elevated. He observed that recent inflows are largely driven by bargain hunting and speculative buying, while profit-taking pressure tends to emerge toward the end of the week.

Lukman estimates that BTC could advance to US$ 106,000, or around Rp 1.79 billion, if it successfully holds above the US$ 98,000 support level. Conversely, failure to maintain that level could trigger a price pullback. He also noted that analyst opinions on BTC remain divided, although bullish views still dominate.

Regarding gold, Lukman believes the long-term outlook remains positive, supported by escalating geopolitical risks as the main driver of higher prices. However, in the near term, gold prices may move sideways as investors await fresh US economic data that could reinforce expectations of interest rate cuts by the Federal Reserve. Strong rallies in silver prices have also tempered gold’s upside momentum.

Meanwhile, currency and commodities observer Ibrahim Assuaibi projected that global gold prices could test an initial resistance level at US$ 4,655 per troy ounce, followed by a second resistance at US$ 4,706 per troy ounce. On the downside, the first support level is seen at US$ 4,553, with further weakness potentially extending toward US$ 4,489 per troy ounce.

According to Ibrahim, gold’s strong performance is being fueled by multiple global factors, including trade tensions between the European Union and China, US geopolitical ambitions, rising instability in Iran, and internal US political developments. These conditions have prompted central banks across China, India, Latin America, and ASEAN countries to increase their gold purchases, further supporting higher global gold prices.