Bitcoin stabilizes near $77,000 as gold and crypto hit 100-day highs

Bitcoin and gold reach multi-month highs

Bitcoin (BTC) stabilized above $77,000 on August 21, 2026, after hitting its highest level since mid-May. Gold also surged, reaching a 14-week high of $4,632 per ounce. Both assets showed strong performance, with Bitcoin up nearly 6% on the day and gold rising 2.2%.

Over the past month, Bitcoin’s price increased by 13%, while gold saw a 16% rise. Analysts suggest these gains are linked to U.S. government policies, including record deficit spending and changes in Treasury debt operations.

Key factors behind the rally

• Bitcoin and gold both reached their highest levels since May 15, 2026.
• The U.S. Treasury announced plans to double certain debt buyback operations to $4 billion.
• Polymarket odds of Bitcoin reaching $90,000 before 2027 rose to 48%.
• Bitcoin’s monthly gain stands at 13%, while gold’s is 16%.

Why analysts say the gains were expected

Market commentary from The Kobeissi Letter stated that the recent gains in Bitcoin and gold were not surprising. The analysis tied the rally to a combination of inflation, U.S. deficit spending, and Treasury policy. The U.S. government’s record deficit spending and the Treasury’s decision to increase debt buyback operations were cited as key drivers.

Trading firm QCP Capital noted that financial stress signals extended beyond the U.S., pointing to rising Japanese government bond yields following a rare joint currency intervention in the yen earlier in August.

Mixed views on Bitcoin’s next move

While Bitcoin’s price momentum improved, not all analysts agree on its next direction. Prediction platform Polymarket showed a 48% chance of Bitcoin reaching $90,000 before 2027, up from earlier in the week.

However, trader and analyst Rekt Capital warned that Bitcoin still needs to reclaim a key technical level—the 50-week exponential moving average (EMA) at $77,232—to confirm a new upward trend. If Bitcoin fails to break this level, he suggested it could continue its recent pattern of lower highs.

What is confirmed

• Bitcoin’s price reached $77,355.73, its highest since May 15, 2026.
• Gold hit $4,632 per ounce, a 14-week high.
• The U.S. Treasury announced plans to double debt buyback operations to $4 billion.
• Polymarket odds of Bitcoin hitting $90,000 before 2027 are 48%.

What remains uncertain

• Whether Bitcoin will break above its 50-week EMA at $77,232 to confirm a new upward trend.
• How long the current rally in Bitcoin and gold will last.
• Whether external factors, such as Japanese bond yields, will continue to influence crypto markets.

Why this matters for investors

The recent rally in Bitcoin and gold suggests growing sensitivity to U.S. monetary and fiscal policies. If the trend continues, it could signal broader market shifts, particularly for assets seen as hedges against inflation and economic uncertainty. However, technical resistance levels may determine whether the gains are sustained.

Sources

• Cointelegraph