Bitcoin Stalls at $64K While Gold Glitters and S&P 500 Hits Fresh Highs 🥇

Bitcoin ($BTC) hovered around $64,000 at Wednesday's Wall Street open, marking a second day of subdued trading even as gold climbed to six-week highs and the S&P 500 set a new record. Data from TradingView showed continued $BTC price inertia contrasting with upside moves across precious metals and US equities during the session.

Gold gained 2.8% on the day to reach $4,213 per ounce, its highest level since June 22. Bloomberg reported 14 consecutive days of inflows for Chinese domestic gold-backed exchange-traded funds, attributing the rally to renewed demand from China. The World Gold Council noted that these products had recorded their worst month of outflows on record in June, but year-to-date inflows into Chinese ETFs still totaled 40 billion yuan ($5.6 billion), the second-best H1 performance on record. The Council added, "Demand for gold ETFs stayed robust amid growing geopolitical and economic uncertainties, while the PBoC's non-stop gold purchases continued to provide a supportive backdrop for sentiment. Institutional investor participation in Chinese gold ETFs has also risen, supporting demand for these products." China's central bank accumulated 82 tonnes of gold over the 20 months through June, per the same commentary.

US equities extended their rally, with the S&P 500 index (SPX) building on Tuesday's all-time highs to reach 7,793. Bloomberg ETF analyst Eric Balchunas observed that 66% of S&P 500 stocks were now trading above their 50-day moving average, with 57% outperforming the index's standard benchmark tracker.

Bitcoin, however, failed to mirror the broader risk-asset optimism seen in equities. Trader and analyst Rekt Capital told X followers, "As long as the orange support here produces weaker rallies, price will keep forming Lower Highs to produce an eventual breakdown deeper into the $58000-$66000 Range (blue-blue)," in comments on the weekly $BTC/USD chart. Onchain analytics platform CryptoQuant outlined three prerequisites for a durable $BTC rebound: sustained inflows to US spot Bitcoin ETFs, cooling US bond yields, the absence of expected Federal Reserve interest-rate hikes, and a return of the Coinbase Premium — the spread between Coinbase's and Binance's $BTC/USDT pairs — to positive territory.