Gold Surges as Bitcoin Prepares for Potential Breakout

Gold and Bitcoin are two different markets that don't always move in tandem. However, they do share some similarities, particularly when it comes to their relationship with the US dollar.

The gold market has been on a tear lately, breaking out of its $4k range and reaching new heights. Bulls have control in the short term, but there's still a major waypoint that buyers need to overcome: resistance at around $4435, which was previously support last October.

In the meantime, Bitcoin has come back to life after a brief dip below $62,470, its first support level. Since then, it's been higher-lows and bulls are showing a strong hand as price re-approaches the $65k level.

This is significant because of what it means for the bigger picture: progressively higher-lows holding since early-July when price tested below the 60k handle. If Bitcoin can rally above $65k, it could signify increasing tolerance for prices above that level from buyers and potentially lead to a breakout and fresh near-term highs.