BTC Price Inches Against US Stocks As Bitcoin Bulls Hit $65K
Bitcoin (BTC) visited $65,000 after the July 25 Wall Street open as U.S. stocks rebounded from their worst day since 2022.
Bitcoin ticks higher after algo-led selloff.
Data from Cointelegraph Markets Pro and TradingView showed BTC price rebounding after an initial sell-side push.
This was in the form of trading algorithms, noted trader Skew said on the day, highlighting one entity in particular he called the “agro-seller”.
“This morning is a great example of fluid gaming,” he explained in his latest X update.
“Aggro sellers cut prices before the big passive buyers come in. The price advance is basically covered until it closes and then the market is long. So maybe another reversal trade later.”
Skew and others have tracked a modest, sustained rebound for U.S. stock markets that have experienced major losses in the past. The Nasdaq 100 fell 3.6% on July 24, its worst day since November 2022, while the S&P 500 slipped 2%.
Bitcoin behaved broadly similarly, hitting a local low of $63,424 on Bitstamp.
“Did the bubble pop?” Marketing input Kobeisi's letter was requested in part on the X comment.
US macroeconomic data releases are added to market flow conditions.
The Personal Consumption Expenditure (PCE) index came in below expectations – reducing the cost of a possible relief for risky assets, adding to interest rate cuts.
Both initial and ongoing jobless claims were below expectations, but pointed to a stronger labor market and reduced market watchers' expectations for the Federal Reserve's next meeting on July 31.
The latest data from the CME Group's FedWatch Tool confirmed very low odds of a Fed curveball move.
Trader sets daily close key target for BTC price.
Meanwhile, the well-known businessman and analyst Rect Capital stressed the importance of the current war to fund 65,000 dollars.
Related: Bitcoin ‘massive rally' as it hits buy signal for 1st time in year
This level, according to Cointelegraph, represents the perceived value of a short-term holder of Bitcoin.
“Bitcoin is now in the process of retesting the $65,000 level on a dynamic basis,” he told X followers with an explanatory chart.
“To make the test successful and keep the price in the $65k-$71.5k range (red), a daily close above $65k (blue) is now required.”
Previously, Rect Capital estimated that BTC/USD only needed about two months to reach a new all-time high.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
