Gold Surges Past $5,000 as Bitcoin Stalls Near $87,000 Amid Supply Overhang

Gold broke to a fresh record above $5,000 per ounce on January 26, as investors sought the metal as a geopolitical hedge amid central bank buying and a weaker dollar. Bitcoin traded sideways near $87,000, struggling with significant overhead supply and thin market participation. Analytics firm Glassnode noted bitcoin's price is stalling below key short-term holder cost bases near $98,000, with a dense supply overhang above $100,000 capping rallies. CryptoQuant reported bitcoin holders have started selling at a loss for the first time since October 2023, a pattern typical of market consolidation. Futures volumes remain compressed and leverage is subdued.