Bitcoin Consolidates Near $77,000 as Gold Also Hits Multi-Month Highs

Bitcoin remained above the $77,000 level after reaching its highest price since mid-May, while gold also climbed to a multi-month high as both assets benefited from growing investor interest. Bitcoin (BTC) gained nearly 6% during Friday's trading session before easing and consolidating around $77,000. The cryptocurrency's monthly gains reached around 13%, according to market data. Gold followed a similar trend, rising about 2.2% to around $4,632 per ounce. Gold was up roughly 16% over the month, highlighting strong demand for both traditional and digital alternative assets. Market analysts linked the recent gains in Bitcoin and gold to broader macroeconomic concerns, including inflation, US deficit spending and Treasury debt policies. The Kobeissi Letter said the strength of both markets was not unexpected given developments in US government finances and Treasury policy. The US Treasury's plans to increase certain debt buyback operations have also contributed to market expectations surrounding alternative assets. QCP Capital highlighted broader financial stress, including rising Japanese government bond yields. The trading firm said Bitcoin and gold showed greater resilience than US Treasuries following recent Treasury announcements. Expectations for Bitcoin's potential year-end performance have also improved following its recent rally. Prediction market Polymarket showed a 48% probability of Bitcoin reaching $90,000 before 2027 at the time of reporting. The odds have increased significantly compared with earlier in the week. However, technical analysts remain cautious. Rekt Capital said Bitcoin needs to reclaim its 50-week exponential moving average, currently around $77,232, to confirm a potential shift into a new long-term uptrend. A sustained move above that level could strengthen the bullish outlook, while rejection could leave Bitcoin vulnerable to another period of consolidation or renewed downside pressure. For now, Bitcoin's ability to hold the $77,000 support area remains an important focus for traders as the cryptocurrency attempts to establish a broader recovery.