Bitcoin Holds Ground as Gold Falls to FOMC Lows Amid Surging Yields

The rally in Bitcoin continues unabated as it tests support at a major level. Meanwhile, gold prices are under pressure, falling to FOMC lows.

A non-ideal environment for non-yielding assets like gold and Bitcoin has been created by surging Treasury yields, but Bitcoin has managed to set fresh highs this week despite this backdrop. The rally in Bitcoin is now over a month old, triggered by the larger Treasury buyback announcement from Scott Bessent.

The disparity between gold and Bitcoin's performance is clear as gold draws down while Bitcoin continues to gain ground. Gold is testing its FOMC lows, but Bitcoin is testing a major spot of support taken from prior resistance back in May.