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

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

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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 . 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 .

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

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