[Digital Today reporter Yoonseo Lee] Bitcoin is failing to establish a clear direction near $64,000 despite strength in U.S. stocks and gold prices.

Cointelegraph, a blockchain media outlet, reported on Aug. 5 (local time) that bitcoin stayed near $64,000 around the time Wall Street opened, while gold and U.S. stocks rose.

While bitcoin moved sideways, gold and major U.S. stock indexes advanced. Gold rose 2.8 percent to $4,213 an ounce, its highest since June 22. The gains were driven by demand from China. Bloomberg reported that spot gold exchange-traded funds (ETFs) in China recorded net inflows for 14 consecutive trading sessions.

Chinese spot gold ETFs posted the largest monthly outflow on record in June, but cumulative inflows since the start of the year totaled 40 billion yuan (8.44 trillion won). The World Gold Council (WGC) said demand for spot gold ETFs remained steady amid rising geopolitical and economic uncertainty, while the People’s Bank of China’s continued gold purchases supported investor sentiment.

U.S. stocks also extended gains. The S&P 500 index climbed as high as 7,793 intraday after hitting a record high the previous day. Bloomberg ETF analyst Eric Balchunas pointed out that 66 percent of S&P 500 constituents are above their 50-day moving averages, and 57 percent are outperforming the index’s standard benchmark-tracking performance.

Bitcoin, by contrast, did not join the risk-on move. The market views $64,000 as a key short-term price level. Trader Rekt Capital said that if rebound strength is weak on the weekly BTC/USD chart, bitcoin could form a lower high and then face a deeper correction into the $58,000 to $66,000 range.

On-chain analytics firm CryptoQuant said three conditions must be met for bitcoin to stage a sustainable rebound. It said inflows into spot bitcoin ETFs should continue, U.S. Treasury yields should stabilise, and there should be no further interest rate hikes by the U.S. Federal Reserve.

It also cited a shift of the Coinbase premium indicator into positive territory as a necessary condition. The indicator shows the bitcoin price gap between Coinbase and Binance and is used to gauge buying by U.S. investors. CryptoQuant again referred to its June analysis and stressed the need for the indicator to recover. The indicator has remained in negative territory for about 80 days.

This shows that bitcoin may struggle to secure clear rebound momentum on gains in risk assets alone. With prices staying stagnant, the market is watching whether spot ETF flows, the interest-rate environment and inter-exchange supply-demand indicators actually improve.

#BTC Not too strong of a reaction at the moment As long as the orange support here produces weaker rallies, price will keep forming Lower Highs to produce an eventual breakdown deeper into the $58000-$66000 Range (blue-blue)$BTC #Crypto #Bitcoin https://t.co/vD58vB96w3 pic.twitter.com/pn82XKYRvf