Bitcoin Stalls at $64,000 as Gold and US Stocks Rally
Bitcoin remained stuck near $64,000 on Wednesday, underperforming gold and US equities as investors favored traditional safe-haven and risk assets.
Gold surged 2.8% to $4,213 per ounce, its highest level in six weeks, supported by renewed Chinese demand. China-listed gold ETFs recorded 14 consecutive days of inflows, while the country’s central bank continued adding to its reserves.
The S&P 500 briefly reached a record high above 7,793, extending its recent rally, although the index later gave back some gains.
Bitcoin, meanwhile, showed little momentum for a sustained recovery. Analysts warned that repeated weaker rebounds could eventually push BTC deeper into the $58,000–$66,000 range.
CryptoQuant said a durable Bitcoin rebound would likely require continued inflows into US spot Bitcoin ETFs, lower US Treasury yields and reduced expectations of Federal Reserve rate hikes.
The Coinbase Premium, which measures US buying pressure relative to Binance, also remains negative after nearly 80 days, indicating continued weakness in demand from American investors. $BTC
Bitcoin remained stuck near $64,000 on Wednesday, underperforming gold and US equities as investors favored traditional safe-haven and risk assets.
Gold surged 2.8% to $4,213 per ounce, its highest level in six weeks, supported by renewed Chinese demand. China-listed gold ETFs recorded 14 consecutive days of inflows, while the country’s central bank continued adding to its reserves.
The S&P 500 briefly reached a record high above 7,793, extending its recent rally, although the index later gave back some gains.
Bitcoin, meanwhile, showed little momentum for a sustained recovery. Analysts warned that repeated weaker rebounds could eventually push BTC deeper into the $58,000–$66,000 range.
CryptoQuant said a durable Bitcoin rebound would likely require continued inflows into US spot Bitcoin ETFs, lower US Treasury yields and reduced expectations of Federal Reserve rate hikes.
The Coinbase Premium, which measures US buying pressure relative to Binance, also remains negative after nearly 80 days, indicating continued weakness in demand from American investors. $BTC