Bitcoin price sinks to 2-week lows as US stocks fail to copy Asia rebound

Bitcoin (BTC) fell to its lowest levels successful implicit 2 weeks connected Friday arsenic US stocks saw unit into the monthly close.

Key points:

• Bitcoin approaches $62,000 arsenic regular losses deed 3.5%.
• US stocks saw nary affirmative reactions to alleviation successful Asia, wherever stocks rebounded aft the semiconductor sell-off.
• Analysis warns that Bitcoin bear-market past should proceed to repetition successful August.

Bitcoin terms targets $62,000 successful month-end volatility

Data from TradingView showed BTC/USD falling 3.5% to scope $62,369 connected Bitstamp, a level past seen connected July 14.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US stocks turned reddish astatine the unfastened earlier treading water, diverging from a large alleviation bounce seen successful Asia. There, South Korea’s KOSPI scale ended the time up 17.9%, its largest single-day summation connected record.

KOSPI scale one-day chart. Source: Cointelegraph/TradingView

“Semiconductor shares led some the sell-off and the consequent recovery, reflecting the index’s precocious vulnerability to the planetary AI and memory-chip cycle,” trading institution QCP Capital wrote successful commentary connected the latest macro marketplace moves.

QCP noted that crypto marketplace trading enactment increased astir the KOSPI gyrations, thing it said “highlighted the increasing narration betwixt crypto liquidity, determination equity positioning and broader technology-sector sentiment.” 

Both Japan and Korea reportedly engaged successful currency interventions connected Thursday, portion Japan’s cardinal slope kept benchmark involvement rates astatine 1.0%, pursuing the US Federal Reserve’s determination to basal pat connected Wednesday.

Bitcoin traders spot bear-market past repeating successful August

BTC/USD approached the extremity of the monthly candle up 8.5%, marking its strongest July show since 2022, per information from CoinGlass.

BTC/USD monthly returns (screenshot). Source: CoinGlass

Related: Here’s what happened successful crypto today

Previously, traders had anticipated a alleviation bounce for the brace lasting until August, mirroring the 2022 carnivore marketplace and yet reaching its adjacent semipermanent bottom.

Trader and expert Rekt Capital, among those seeing BTC terms enactment copying bear-market moves from 4 years ago, forecast that the tide mightiness not crook immediately.

“It’s apt terms volition effort to support these highs successful the aboriginal stages of August but past suggests terms could rollover conscionable similar it did successful 2022,” helium wrote successful a station connected X connected Friday.

Rekt Capital reiterated that Bitcoin’s 50-month exponential moving mean (EMA), presently astatine $65,820, continued to enactment arsenic absorption aft 2 failed breakouts since mid-June.

BTC/USD one-day illustration with 50-month EMA. Source: Cointelegraph/TradingView