Bitcoin Falls to One-Week Low as Gold Soars to Highest Price Since June

Bitcoin's price has dropped to a one-week low as investors flock to gold in search of safe-haven assets. The precious metal reached $4,435 per ounce on Tuesday, its highest level since June 5.

According to data from TradingView, the Bitcoin (BTC) price fell below $64,000, abandoning a short-term rebound and finishing down 1.5% on Monday due to concerns over the US-Iran war and oil prices.

The increasing demand for gold has been particularly notable among retail investors, with the NYSE ARCA-traded SPDR Gold Shares (GLD) exchange-traded fund attracting $50 million in daily retail inflows on August 5, its highest single-day tally since mid-March.

Despite this, Bitcoin's price action remains contained by a key resistance level near $66,000, which is expected to be tested ahead of the US Consumer Price Index (CPI) print for July.