Categories: Bitcoin Latest News

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

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

Analysts Weigh In On Bitcoin Bottom

The S&P 500 and Nasdaq Composite Index both fell by about 1.8% at the time of writing as Wall Street opened in the red.

Although the largest cryptocurrency’s correlation to stocks declined to its lowest levels of 2022 so far, Bitcoin was still able to hold its own.

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

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

However, few were prepared to declare that hodlers’ worst days were behind them.

Aksel Kibar summarized to his Twitter followers:

“This has been a weak rebound so far. Another possible bearish continuation…”

Related Reading | Bitcoin Drops Below $22,000, Is Peter Brandt’s Analysis Still In Play?

Due to a confluence of macroeconomic factors, well-known economist and analyst Michael Suppo anticipated a lower low than June’s around $17,500 levels.

“No way is $17.5k the bottom for Bitcoin,” he noted.

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

13.7K is a possibility that we’ve been watching for 10 months now. #Bitcoin will not hit 13.7K unless we lose 19.5K as support.

19.5K is holding really well so far. The bottom is likely in or very close to being in but most will miss the bottom while waiting for lower prices pic.twitter.com/AJF5ye0ntn

— Steve Courtney ~ Crypto Crew University (@CryptoCrewU) July 12, 2022

Trading Volume Tumbles To Lowest Since 2020

Exchange-wide spot and derivative volumes have decreased, falling more than 15% since May to over $4.2 trillion, the lowest level since January of last year. Spot volumes fell roughly 28% to $1.41 trillion in June alone as Bitcoin fell to its lowest level since December 2020, according to statistics gathered by CryptoCompare.

The amount of trade in derivatives decreased by 7% during the month, which was the lowest level since July 2021. In the cryptocurrency industry, derivatives play a significant role and account for more than half of the market.

Source: Cryptocompare

Market observers believe the pattern makes sense in light of the dips in Bitcoin and Ether, both of which have plunged more than 70% from their all-time highs last year. The price of bitcoin dropped 15% on June 18 to $17,599, its lowest level since late 2020.

Related Reading | Data Suggests Buying On Coinbase Behind The Bitcoin Pump

Featured image from Pixabay, charts from TradingView.com

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

Analysts Weigh In On Bitcoin Bottom

The S&P 500 and Nasdaq Composite Index both fell by about 1.8% at the time of writing as Wall Street opened in the red.

Although the largest cryptocurrency’s correlation to stocks declined to its lowest levels of 2022 so far, Bitcoin was still able to hold its own.

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

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

However, few were prepared to declare that hodlers’ worst days were behind them.

Aksel Kibar summarized to his Twitter followers:

“This has been a weak rebound so far. Another possible bearish continuation…”

Related Reading | Bitcoin Drops Below $22,000, Is Peter Brandt’s Analysis Still In Play?

Due to a confluence of macroeconomic factors, well-known economist and analyst Michael Suppo anticipated a lower low than June’s around $17,500 levels.

“No way is $17.5k the bottom for Bitcoin,” he noted.

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

Trading Volume Tumbles To Lowest Since 2020

Exchange-wide spot and derivative volumes have decreased, falling more than 15% since May to over $4.2 trillion, the lowest level since January of last year. Spot volumes fell roughly 28% to $1.41 trillion in June alone as Bitcoin fell to its lowest level since December 2020, according to statistics gathered by CryptoCompare.

The amount of trade in derivatives decreased by 7% during the month, which was the lowest level since July 2021. In the cryptocurrency industry, derivatives play a significant role and account for more than half of the market.

Source: Cryptocompare

Market observers believe the pattern makes sense in light of the dips in Bitcoin and Ether, both of which have plunged more than 70% from their all-time highs last year. The price of bitcoin dropped 15% on June 18 to $17,599, its lowest level since late 2020.

Related Reading | Data Suggests Buying On Coinbase Behind The Bitcoin Pump

Featured image from Pixabay, charts from TradingView.com

Tags: bitcoinbitcoin pricebtcS&P 500

FeedzyRead More

Recent Posts

The Month Bitcoin Shattered Records – Dive into The Bitcoin Report!

November 2024 will be remembered as one of the most significant months in Bitcoin's history.…

11 minutes ago

Bitcoin 30-Day Trader Profits Back In ‘Healthy’ Range, Is BTC Ready For $100,000?

On-chain data shows the unrealized gains of the 30-day Bitcoin investors are now back inside…

1 hour ago

Corporate Bitcoin Treasuries Are All the Rage. Now XRP?

Worksport (WKSP), a tiny Nasdaq-listed maker of covers for pickup truck beds, has added its…

2 hours ago

Crypto Daybook Americas: Bitcoin’s $100K+ Run Is Just Early Days

By Omkar Godbole (All times ET unless indicated otherwise) The wait is over. Bitcoin has…

3 hours ago

U.S. Crypto Stocks Surge in Pre-Market Trading as Bitcoin Tops $100K

The analyst who wrote this piece owns shares of MicroStrategy (MSTR) and Semler Scientific (SMLR).…

3 hours ago

Bitcoin Hits Milestone vs. Gold as Cycle Pattern Flags $120K by Year-End: Van Straten

Bitcoin (BTC), Federal Reserve Chair Jerome Powell said yesterday, is not a competitor of the…

4 hours ago