Bitcoin Manage To Hold Its Own As Wall Street Open With Losses, Analysts Weigh In On Bottom


While US stocks fell at the opening of Wall Street on July 14, Bitcoin escaped losses, but traders remained uneasy.

Analysts Weigh the Bottom of Bitcoin

The S&P 500 and Nasdaq Composite are down about 1.8% at the time of writing with Wall Street opening in the red.

Even though the largest cryptocurrency’s correlation with stocks has fallen to its lowest levels in 2022 so far, Bitcoin is still holding it.

Bitcoin

BTC/USD trades above $20k. Source: TradingView

BTC/USD fluctuated around $20,000 during the day, as shown by TradingView.

However, few of them were willing to declare that the Vandals’ worst days were behind them.

Axel Kibar Summarization To his followers on Twitter:

“This has been a weak recovery so far. Another potential bearish continuation…”

Related reading | Bitcoin Drops Below $22,000 Is Peter Brandt Analysis Still In Progress?

Due to the confluence of macroeconomic factors, well-known economist and analyst Michael Suppo forecast a drop below June levels around $17,500.

“There is no lowest price for Bitcoin at $17.5K,” said He pointed out.

Before any retest of current multi-month lows, some people thought higher support levels would hold.

Trading volume drops to lowest since 2020

Spot and derivatives trading volumes are down on the stock exchange, dropping more than 15% since May to more than $4.2 trillion, the lowest since January last year. Spot trading volumes plunged nearly 28% to $1.41 trillion in June alone, as bitcoin plunged to its lowest level since December 2020, according to statistics compiled by CryptoCompare.

Derivatives trading volume decreased by 7% during the month, the lowest level since July 2021. In the cryptocurrency industry, derivatives play an important role and account for more than half of the market.

Bitcoin

Source: Cryptocompare

Market watchers believe this pattern makes sense given the declines in Bitcoin and Ether, both of which have fallen more than 70% from all-time highs last year. Bitcoin fell 15% on June 18 to $17,599, its lowest level since late 2020.

Related reading | Data Points to Buying on Coinbase Behind the Bitcoin Pump

Featured image from Pixabay, charts from TradingView.com





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