Bitcoin Fails to Break Above $64,000 as U.S. Stocks and Gold Rise

Bitcoin prices are struggling to break above $64,000 despite gains in U.S. stocks and gold. The cryptocurrency stayed near this key short-term price level as Wall Street opened on August 5.

Gold prices rose by 2.8% to reach $4,213 an ounce, its highest since June 22, driven by demand from China. Chinese spot gold exchange-traded funds (ETFs) recorded net inflows for 14 consecutive trading sessions.

U.S. stocks also extended their gains, with the S&P 500 index reaching a record high and 66% of constituents above their 50-day moving averages.

However, bitcoin failed to join the risk-on move, leading some traders to predict that it could form a lower high and face a deeper correction into the $58,000 to $66,000 range if rebound strength is weak.