Bitcoin
Gold Hits Six-Week High as Bitcoin Stalls Near $64,000
Precious metals and US stocks surge while Bitcoin fails to break higher, marking a notable divergence in asset performance.
Gold hit its highest level in six weeks on Wednesday, climbing 2.8% to $4,213 per ounce, driven by Chinese buying interest. Bloomberg reported 14 consecutive days of inflows into Chinese gold-backed exchange-traded funds. The World Gold Council noted that Chinese ETF inflows for the first half of the year reached 40 billion yuan ($5.6 billion), marking the second-best H1 performance on record despite June recording the worst monthly outflows in history.
The World Gold Council attributed continued strength to robust demand amid geopolitical and economic uncertainties, alongside sustained central bank gold purchases. China's central bank acquired 82 tonnes of gold over the 20 months through June.
Meanwhile, the S&P 500 touched a record above 7,793, with 66% of index constituents trading above their 50-day moving average according to Bloomberg ETF analyst Eric Balchunas. Bitcoin, however, remained near $64,000, failing to keep pace with broader risk-asset optimism.
Trader Rekt Capital suggested on social media that as long as support near $64,000 produces weaker rallies, Bitcoin is likely to form lower highs within a $58,000 to $66,000 range. Onchain analytics platform CryptoQuant outlined three conditions needed for a sustained Bitcoin rebound: sustained inflows to US spot Bitcoin ETFs, cooling US bond yields, and an absence of expected interest-rate hikes.
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