Bitcoin Stuck at $65k Amid Mideast Tensions, Gold Soars

Bitcoin's price has been stuck in a range of $60,000 to $65,000 since late June. On August 7, it hovered around $65,000 U.S., barely budging amidst corporate earnings announcements and rising tensions in the Middle East.

The crypto needs to break through resistance at $65,000 to stage a meaningful recovery, according to analysts. However, it continues to tread water as crude oil prices swing from gains to losses due to conflicting signs that the Strait of Hormuz waterway near Iran will reopen to commercial ships.

Brent crude oil is trading at $81.75 per barrel early on August 7, after an Iran-linked Houthis attack on Saudi Arabia further escalated tensions in the region. Meanwhile, Treasury yields have seen a slight correction this week but remain elevated at 4.67% for the 10-year bond.

Gold's price is rising and on track to post its best week since January of this year as safe haven demand for the precious metal is reignited. The price of gold bullion was at $4,382.90 U.S. early on August 7.