Bitcoin Falls to Two-Week Low as US Stocks Face Monthly Close Pressure
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- Bitcoin (BTC) dropped to a two-week low of $62,369 on Friday, facing pressure as US stocks closed the month.
- This decline occurred despite a rebound in Asian markets, with analysts warning of a potential August rollover mirroring 2022 bear market trends.
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Bitcoin fell to its lowest level in over two weeks, mirroring pressure on US stocks at the monthly close, while Asian markets saw a rebound. Analysts warn of a potential repeat of 2022 bear market trends for Bitcoin in August.
Bitcoin (BTC) fell to its lowest levels in over two weeks on Friday as US stocks saw pressure into the monthly close.
Bitcoin price targets $62,000 in month-end volatility
Data from TradingView showed BTC/USD falling 3.5% to reach $62,369 on Bitstamp, a level last seen on July 14.
US stocks turned red at the open before treading water, diverging from a major relief bounce seen in Asia. There, South Korea’s KOSPI index ended the day up 17.9%, its largest single-day gain on record.
“Semiconductor shares led both the sell-off and the subsequent recovery, reflecting the index’s high exposure to the global AI and memory-chip cycle,” trading company QCP Capital wrote in commentary on the latest macro market moves.
QCP noted that crypto market trading activity increased around the KOSPI gyrations, something it said “highlighted the growing relationship between crypto liquidity, regional equity positioning and broader technology-sector sentiment.”
Both Japan and Korea reportedly engaged in currency interventions on Thursday, while Japan’s central bank kept benchmark interest rates at 1.0%, following the US Federal Reserve’s decision to stand pat on Wednesday.
Bitcoin traders see bear-market history repeating in August
BTC/USD approached the end of the monthly candle up 8.5%, marking its strongest July performance since 2022, per data from CoinGlass.
Previously, traders had anticipated a relief bounce for the pair lasting until August, mirroring the 2022 bear market and ultimately reaching its next long-term bottom.
Trader and analyst Rekt Capital, among those seeing BTC price action copying bear-market moves from four years ago, forecast that the tide might not turn immediately.
“It’s likely price will try to maintain these highs in the early stages of August but history suggests price could rollover just like it did in 2022,” he wrote in a post on X on Friday.
Rekt Capital reiterated that Bitcoin’s 50-month exponential moving average (EMA), currently at $65,820, continued to act as resistance after two failed breakouts since mid-June.
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Bitcoin price will try to maintain highs in early August but could roll over later in the month.
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Offene Fragen
- Will Bitcoin maintain current highs in early August?
- How will US stocks perform in the coming days?
- Will currency interventions by Japan and Korea continue?
