Bitcoin Outperforms Gold. BTC Price Rises for Five Straight Days to Break $63,000, What Is the Next Target?

TradingKey - Bitcoin broke through the short-term resistance level of $63,000 in a five-day winning streak, releasing a strong bullish signal and is expected to further challenge the previous high of $67,000.

During the Asian trading session on July 6, Bitcoin ( BTC) extended its gains, approaching the $64,000 mark intraday and rising to a high of $63,914. Since entering July, the price of Bitcoin has continued to rebound, rising from a low of $58,000 to around $64,000, with a maximum gain of 10%, outperforming gold ( XAUUSD ). During the same period, the price of gold rose from around $3,900/ounce to around $4,200, with a maximum gain of about 8%.

Over the past week (especially from July 2 to July 3), both gold and Bitcoin experienced significant and strong rebounds. Their core macro drivers were highly consistent, namely, the newly released U.S. non-farm payroll (NFP) data was a massive disappointment, triggering strong market expectations for a pivot toward easing by the Federal Reserve.

On July 2, data released by the U.S. Bureau of Labor Statistics (BLS) showed that the U.S. added only 57,000 non-farm payroll jobs in June, far below the market consensus expectation of 110,000 to 113,000, and the data for April and May were also significantly revised downward by 74,000. Following the release of the data, the CME FedWatch showed that the probability of a rate hike in September immediately fell from 65% to around 50%.

On the same day, Federal Reserve Governor Kevin Warsh stated that inflation risks had eased. The combination of these two factors led to a weakening of real U.S. Treasury yields and the U.S. Dollar Index (DXY), which directly cleared the biggest macro obstacles for non-yielding inflation-hedging and safe-haven assets, allowing gold and Bitcoin to benefit and rise. However, why was Bitcoin's gain larger than that of gold?

Compared to gold, there are three core reasons why Bitcoin exhibited stronger resilience: First, Bitcoin had a highly negative correlation of approximately -0.85 with the DXY in the first half of 2026. As a digital asset more sensitive to monetary policy, its rebound momentum was naturally more explosive than that of gold. Second, Bitcoin's sentiment index once collapsed to 11, falling into a state of extreme fear, and the realized profit/loss ratio dropped to its lowest level since 2022, which represents a severe oversold signal from a technical perspective. Third, compared to its latest peak, Bitcoin's maximum drawdown reached 53%, while gold's previous correction was smaller, at only around 30%. Therefore, when positive news arrived, gold lacked the space for an outsized, retaliatory rebound that comes after a "spring is compressed to its limit."

Currently, the Bitcoin price remains within the range of $58,000 to $67,000, but it has broken above the middle band of $63,000, which usually signals further gains. It is expected to rise further this week to touch the upper band of $67,000, provided there is no sudden, major negative news.

Bitcoin Price Chart, Source: TradingView