Bitcoin Holds Near $77K as Gold Also Approaches Three-Month Highs

Bitcoin stabilized above $77,000 on Friday after touching its highest level since mid-May, while gold moved alongside it to reach 14-week highs, with analysts linking both moves closely to US government debt policy.

Bitcoin and Gold Rally Together

Bitcoin remained up nearly 6% on the day, while gold climbed to $4,632 per ounce, up 2.2%. On a monthly basis, Bitcoin gained 13% and gold rose 16%. Market commentary from The Kobeissi Letter attributed the shared rally to inflation concerns, rising deficit spending, and the Treasury Department’s move to double certain debt buyback operations to $4 billion.

Broader Global Signals in Play

Financial stress extends beyond the US, pointing to sharp increases in Japanese government bond yields following a rare joint currency intervention in the yen earlier this month. While Treasury yields initially rallied before partially reversing, Bitcoin and gold held their gains more firmly, highlighting how sensitive these assets remain to shifts in long-term rates and the dollar.

Market Sentiment Turns More Bullish

As Bitcoin’s two-day gain surpassed 20%, prediction market Polymarket showed the odds of Bitcoin reaching $90,000 before 2027 climbing to around 48%.