Bitcoin drops to one-week low as retail buys gold at highest prices since June
Bitcoin slipped below $64,000 as investors shifted toward safe-haven assets, especially gold, which hit a nine-week high near $4,435/oz. Risk-off sentiment was fueled by US-Iran tensions and oil’s 5% jump, while US stocks moved sideways. Retail demand for gold surged: SPDR Gold Shares saw strong inflows, including a $50 million retail inflow on Aug. 5, while bitcoin ETFs drew less. Despite weak August price action, Bitcoin still shows a positive 90-day correlation with gold. Technically, BTC remains capped by the 50-month EMA around $65,827, with traders watching the $64,500–$65,800 zone for signs of either continuation of the range or a breakout toward $73,000. Markets are also bracing for Wednesday’s US CPI report, a potential volatility trigger for crypto.
