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Bitcoin (BTC) headed lower around Tuesday’s Wall Street open as investors’ appetite for gold sent the precious metal to nine-week highs.
Key points:
- Bitcoin takes a backseat as gold steals the limelight climbing to $4,435 per ounce.
- Analysis eyes the Bitcoin-gold positive correlation still in place.
- Key resistance near $66,000 keeps BTC price action in check ahead of the US CPI inflation print.
Retail investors pile into gold ETFs
Data from TradingView showed BTC/USD abandoning a low-timeframe rebound to drop back below $64,000.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
The pair finished down 1.5% on Monday thanks to concerns over the US-Iran war and the latest impasse over the reopening of the Strait of Hormuz oil route. US stocks tracked sideways amid a fresh 5% surge in oil prices.
As uncertainty grew, new data showed increasing demand for safe haven gold, which hit $4,435 per ounce on Tuesday, its highest level since…
