As Gold Hits 9-Year High, Bitcoin Eyes Price Breakout

Bitcoin is looking to leap key resistance alongside a strong rally in gold. 

The top cryptocurrency by market value is trading around $9,300 at press time, according to CoinDesk’s Bitcoin Price Index. That’s close to the resistance of a trendline connecting June 1 and June 22 highs. A sustained move past $9,330 would indicate an end of the bearish trend from the June 1 high of $10,429. 

While bitcoin has yet to restore the immediate bullish trend and is trading 50% below its record high of $20,000, gold has jumped to a nine-year high of $1,801 per ounce, as per data source TradingView.

The hedge asset now sits just 6% short of the lifetime high of $1,920 reached in September 2011. 

See also: First Mover: With Trading Volumes Slumping, Are There Too Many Crypto Exchanges? 

The precious metal is likely drawing bids due to negative real (inflation-adjusted) yields offered by the US bonds, as noted by popular macro analyst Holger Holger Zschaepitz.