Bitcoin is hovering right around $65,000 U.S. on Aug. 7, the top end of a range that it has been stuck in for several months.
The price of Bitcoin has barely budged in recent days as investors assess a raft of corporate earnings and rising tensions in the Middle East.
BTC has traded in a range of $60,000 U.S. to $65,000 U.S. since the end of June.
Analysts say the crypto needs to break through resistance at $65,000 U.S. to stage a meaningful recovery.
However, Bitcoin continues to tread water as crude oil prices swing from gains to losses amid conflicting signs that the Strait of Hormuz waterway near Iran will reopen to commercial ships.
Brent crude oil, the international standard, is trading at $81.75 U.S. per barrel early on Aug. 7 after Iran-linked Houthis attacked Saudi Arabia, further escalating tensions in the region.
Treasury yields have seen a slight correction this week but remain elevated at 4.67% for the 10-year bond.
At the same time, 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 Aug. 7.
Analysts continue to see few near-term catalysts for gold on the horizon, especially with the Clarity Act legislation unlikely to pass before Congress takes its summer recess.
