Bitcoin Rises as Gold Tests Support Amid Soaring Treasury Yields

The past two weeks have not been ideal for non-yielding assets like gold and Bitcoin. Treasury yields are surging, and while stocks have held up relatively well so far, there's less reason for buyers to hit the bid in markets like XAU/USD or BTC/USD.

Nonetheless, Bitcoin set a fresh high earlier this week, even as gold prices remain on their back foot. This is unusual given that gold usually outperforms during times of rising Treasury yields.

The disparity between gold and Bitcoin's performance can be attributed to the massive breakout triggered by the larger Treasury buyback announcement from Scott Bessent. Gold had already broken out at that point, but it topped shortly after, while Bitcoin continued to power higher.