- Bitcoin remains stuck near $64,000 as Gold surges to six-week highs above $4,200, driven by Chinese demand.
- The S&P 500 continues to set new all-time highs, reaching 7,793, while Bitcoin fails to follow the broader risk-asset rally.
- Analysts cite three prerequisites for a durable BTC rebound: sustained spot ETF inflows, lower US bond yields, and no Fed rate hikes, with the Coinbase Premium remaining negative for nearly 80 days.
Bitcoin (BTC) held at $64,000 on Wednesday’s Wall Street open while gold hit its highest level since June 22, gaining 2.8% to $4,213 per ounce. Bloomberg reports that Chinese appetite spurred the upside, with 14 consecutive days of inflows into domestic gold-backed ETFs.
Meanwhile, the S&P 500 index built on Tuesday’s all-time highs to reach 7,793. ETF analyst Eric Balchunas noted that 66% of S&P 500 stocks now trade above their 50‑day moving average. However, Bitcoin failed to keep pace with equities for a second straight day.
Trader Rekt Capital warned that weaker rallies from current support could produce lower highs and a breakdown into the $58,000–$66,000 range. Onchain analytics firm CryptoQuant outlined three conditions for a durable BTC rebound: sustained US spot Bitcoin ETF inflows, cooling bond yields, and no Federal Reserve rate hikes. The Coinbase Premium—the price difference between Coinbase and Binance—has been negative for nearly 80 days, according to TradingView data, further dampening recovery expectations.
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