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Bitcoin stays pinned near $64,000 as gold hits six-week highs
Gold rose 2.8% to $4,213 per ounce, while China inflows into gold-backed ETFs continued for a 14th straight day, adding support as Bitcoin lagged broader risk assets.
Bitcoin traded largely flat around $64,000 on Wednesday’s Wall Street open, continuing a period of price inertia even as other risk assets moved higher, according to Cointelegraph, citing TradingView data.
The outlet said gold extended gains, rising 2.8% to $4,213 per ounce, its highest level since June 22. It pointed to demand tied to China, where Bloomberg reported 14 consecutive days of inflows for domestic gold-backed exchange-traded funds. Those products also recorded their worst month of outflows on record in June, while year to date inflows still totaled 40 billion yuan, or $5.6 billion.
Cointelegraph also noted China central bank buying as part of the backdrop for sentiment, referencing PBoC purchases totaling 82 tonnes over the 20 months through June. In the equity market, the S&P 500 pushed higher to 7,793, building on Tuesday’s record, with Cointelegraph citing an analyst estimate that 66% of S&P 500 constituents were above their 50-day moving average.
The report said Bitcoin continued to underperform the day’s broader optimism in equities, while market focus remained on the $64,000 level. It also cited commentary from trader Rekt Capital that weaker rallies could lead to lower highs before any eventual deeper move within the $58,000 to $66,000 range.
Latest closeGold $4,133.60 ▲2.5%|Bitcoin $64,581.94 ▲0.8%|S&P 500 7,736.52 ▲1.8%