Bitcoin slipped below $64,000 on Tuesday, registering a 1.5% decline as investors shifted focus to gold, which rose to a nine-week high of $4,435 per ounce. The move comes amid heightened geo
Bitcoin slipped below $64,000 on Tuesday, registering a 1.5% decline as investors shifted focus to gold, which rose to a nine-week high of $4,435 per ounce. The move comes amid heightened geopolitical tensions and increased appetite for traditional safe haven assets.
Recent data from TradingView indicated that BTC/USD abandoned its earlier rebound, reversing course as gold continued its climb. Fears related to the ongoing US-Iran conflict and the blockade of the Strait of Hormuz pushed oil prices up 5%, adding pressure to equities and risk assets.
The surge in gold demand was underscored by trading resource The Kobeissi Letter, which noted a significant jump in retail flows into the SPDR Gold Shares (GLD) ETF. On August 5, retail investors contributed $50 million in daily inflows to GLD—the largest single-day move since March. Overall, the day’s total inflow into GLD reached $637 million, compared to a combined $244.4 million flowing into US spot Bitcoin ETFs.
Investor appetite for gold returned strongly in August, with more than $1.4 billion added to GLD so far this month, putting the ETF on track for its first net monthly inflow since February.
Interest in gold has been especially prominent among Chinese investors since August. The increased enthusiasm for precious metals has come even as crypto markets have experienced a relative slump, with retail participation identified as a key missing element for digital assets at the moment.
Despite the lackluster performance for Bitcoin through the first half of August, onchain analytics from CryptoQuant revealed that Bitcoin’s positive correlation to gold remains intact. Over a 90-day rolling window, this correlation has returned to levels last seen during the digital gold narrative’s peak years.
CryptoQuant CEO Ki Young Ju indicated that the Bitcoin-gold correlation is now back to levels associated with the digital-gold era, based on the latest data infographics shared on X.
This persistent relationship comes as both markets react to macroeconomic risks and investors search for reliable stores of value.
In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, the rapid movement of capital requires tools that minimize unnecessary delays. Smart investors are turning to privacy-first options like CryptoAppsy, consolidating real-time charts, price alerts, coin-focused news, and crucial macroeconomic data on one screen—without needing to register an account—allowing them to track key market correlations and resistances efficiently.
Technically, Bitcoin continued to face resistance near $66,000, anchored by the 50-month exponential moving average (EMA) at $65,827. Since the start of June, BTC/USD has only managed three daily closes above this critical long-term trend line.
Analyst Michaël van de Poppe stated that Bitcoin remains in a consolidation range, suggesting that the latest dip could simply be a liquidity event caused by leveraged long positions. He indicated that a slight upward move toward $64,500 might signal that the market is stabilizing and not heading for further declines.
Traders are closely watching Wednesday’s release of the US Consumer Price Index (CPI) for July. Inflation data has historically triggered volatility in the crypto market, and last month’s softer-than-expected print led to a one-day rally exceeding 4% for Bitcoin.
With uncertainty still prevalent and risk assets remaining sensitive to macro catalysts, market participants are monitoring both technical resistance and global safe haven demand to gauge upcoming price movement in Bitcoin and crypto markets.
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