Bitcoin consolidated above $77,000 on Friday, maintaining gains after a two-day surge that pushed the cryptocurrency to its highest levels since mid-May. The advance mirrored strength in gold, which reached a 14-week high of $4,632 per ounce, up 2.2% on the day.
Both assets have posted double-digit monthly gains, with Bitcoin up roughly 13% and gold up 16% over the past 30 days. Analysts attributed the rally to a combination of U.S. fiscal policy shifts and elevated long-term Treasury yields. Record government deficit spending and the Treasury Department’s decision to expand debt buyback operations to at least $4 billion were cited as key drivers.
Market commentary from The Kobeissi Letter highlighted the role of inflation, deficit spending, and Treasury policy in propelling both asset classes. Trading firm QCP Capital noted that the divergence in Treasuries—initially rallying before reversing—did not fully retrace in Bitcoin or gold, underscoring their sensitivity to changes in long-end rates and dollar dynamics.
Polymarket odds of Bitcoin reaching $90,000 before 2027 have risen to 48%, up sharply from earlier in the week. The probability reflects growing consensus on potential year-end targets as Bitcoin’s price upside exceeded 20% over two days.
Technical resistance remains a focus. Analyst Rekt Capital warned that Bitcoin must reclaim its 50-week exponential moving average at $77,232 to confirm a shift into a new macro uptrend. Failure to break above this level could extend the recent series of lower highs, according to historical patterns.
The cross-asset momentum underscores broader macroeconomic sensitivity, with traders monitoring Treasury policy and currency interventions for further directional cues.
