0
Bitcoin (BTC) stayed wedged at $64,000 on Wednesday’s Wall Street open as gold hit six-week highs.
Key points:
- Gold analysis eyes Chinese demand as the precious metal hits its highest levels in six weeks.
- Bitcoin sees a second day of lackluster performance against US stocks as the S&P 500 builds on all-time highs.
China in spotlight as gold rebounds past $4,200
Data from TradingView showed continued BTC price inertia contrasting with upside for both precious metals and US equities.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Gold gained 2.8% on the day to hit $4,213 per ounce, its highest levels since June 22. Chinese appetite spurred the upside, with Bloomberg reporting 14 consecutive days of inflows for domestic gold-backed exchange-traded funds (ETFs).
China gold ETF inflows data. Source: Bloomberg
These products saw their worst month of outflows on record in June per data from the World Gold Council. The year-to-date…
