Bitcoin seeks support near $77K as BTC, gold near 100-day highs
Bitcoin volatility eased after BTC hit its highest level since mid-May, while gold joined the cryptocurrency in approaching three-month highs.
Bitcoin (BTC) sought support near $77,000 after hitting its highest level since mid-May, while gold mirrored the rally by reaching multi-month highs of $4,632 per ounce. Both assets experienced gains of nearly 6% on the day, with BTC/USD and XAU/USD up 13% and 16% respectively over the monthly period. Market analysts have attributed the surge to factors such as inflation, deficit spending, and US Treasury policy, including the Treasury Department's pledge to double debt buyback operations to $4 billion.
Trading company QCP Capital noted that the reaction extended beyond the US, with surging Japanese government bond yields after a rare currency intervention. Data from Polymarket suggests a 48% chance of BTC/USD reaching $90,000 by the end of the year, up since early in the week. However, some market participants remain skeptical, emphasizing the need for BTC to reclaim its 50-week EMA at $77,232 to confirm a new technical uptrend.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
