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#黄金重返4200美元，BTC为何没跟涨？ I am Script Brother, and today I will continue to review the market with everyone. Recently, gold has once again become the focus of the market. Spot gold briefly broke through the $4200 mark, and silver also strengthened in tandem. The core logic behind this is the market's re-pricing of the Federal Reserve's future policy path. The US July ADP employment data was significantly below expectations, showing signs of cooling in the job market, and market expectations for future rate cuts have heated up again. After the US dollar and Treasury yields fell, funds began to flow back into safe-haven assets like gold. But many people have a question: why has gold strengthened while BTC has not simultaneously broken through? Script Brother thinks there is a very important difference here. Gold currently benefits more from traditional capital's demand for safe havens, while BTC, although long called "digital gold," has changed its market attributes. With ETFs and institutional funds entering, BTC's short-term trend depends not only on safe-haven logic but also on liquidity, risk appetite, and whether funds are willing to enter high-volatility assets. Currently, BTC's price is still fluctuating in the $64,000-$65,000 range, reaching a high near $65,026 today before pulling back. The current price is around $64,600. From a technical perspective, after BTC rebounded from around $62,200, it has regained the 4-hour level above MA5, MA13, MA55, and EMA144/169, so the overall trend has not been broken for now. However, resistance near $65,000 remains obvious. During today's live broadcast, Script Brother also placed a short order near $64,830, and the logic is actually very simple. First, this position is close to a previous resistance area. After BTC rebounded from a low, it rose continuously, testing $65,000 multiple times without an effective breakthrough, indicating selling pressure above.