Bitcoin drops to one-week low as retail buys gold at highest prices since June

Bitcoin (BTC) headed lower around Tuesday’s Wall Street open as investors’ appetite for gold sent the precious metal to nine-week highs.Key points:Bitcoin takes a backseat as gold steals the limelight climbing to $4,435 per ounce.Analysis eyes the Bitcoin-gold positive correlation still in place.Key resistance near $66,000 keeps BTC price action in check ahead of the US CPI inflation print.Retail investors pile into gold ETFsData from TradingView showed BTC/USD abandoning a low-timeframe rebound to drop back below $64,000.BTC/USD four-hour chart. Source: Cointelegraph/TradingViewThe pair finished down 1.5% on Monday thanks to concerns over the US-Iran war and the latest impasse over the reopening of the Strait of Hormuz oil route. US stocks tracked sideways amid a fresh 5% surge in oil prices.As uncertainty grew, new data showed increasing demand for safe haven gold, which hit $4,435 per ounce on Tuesday, its highest level since June 5. Chinese appetites for the precious metal were already on the radar in August.XAU/USD one-day chart. Source: Cointelegraph/TradingViewTrading resource The Kobeissi Letter highlighted particular interest from the retail sector — currently a key missin...