Gold hits six-week highs on China demand as Bitcoin ignores fresh S&P 500 record
Summary
Bitcoin held near $64,000 while gold and U.S. stocks rallied. Gold rose 2.8% to $4,213 an ounce, its highest since June 22, helped by 14 straight days of inflows into Chinese gold ETFs and continued central-bank buying. The S&P 500 also climbed to new highs as market breadth improved. Bitcoin, however, showed little momentum and continued to trade in a tight range. Analysts said $64,000 is a key short-term level, with weaker bounces risking lower highs and a deeper move toward the $58,000-$66,000 range. For a durable BTC rebound, CryptoQuant said the market likely needs sustained inflows into U.S. spot Bitcoin ETFs, lower U.S. bond yields, no further Fed hikes, and a positive Coinbase premium, which has been negative for nearly 80 days.
