Bitcoin (BTC) held at $64,000 on Wednesday’s Wall Street open while gold hit its highest level since June 22, gaining 2.8% to $4,213 per ounce. Bloomberg reports that Chinese appetite spurred the upside, with 14 consecutive days of inflows into domestic gold-backed ETFs.

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Meanwhile, the S&P 500 index built on Tuesday’s all-time highs to reach 7,793. ETF analyst Eric Balchunas noted that 66% of S&P 500 stocks now trade above their 50‑day moving average. However, Bitcoin failed to keep pace with equities for a second straight day.

Trader Rekt Capital warned that weaker rallies from current support could produce lower highs and a breakdown into the $58,000–$66,000 range. Onchain analytics firm CryptoQuant outlined three conditions for a durable BTC rebound: sustained US spot Bitcoin ETF inflows, cooling bond yields, and no Federal Reserve rate hikes. The Coinbase Premium—the price difference between Coinbase and Binance—has been negative for nearly 80 days, according to TradingView data, further dampening recovery expectations.

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