Bitcoin Falls Below Key Support Level After Failed Rally
The S&P 500 and Nasdaq are showing new life after testing key moving averages and getting a boost from Amazon's earnings. In contrast, crypto markets have been relatively calm.
Crypto has remained largely unaffected by the recent stock market volatility, including the KOSPI's 14% swing yesterday. This is evident in the steady trading of Bitcoin and Ethereum.
Looking at Bitcoin specifically, it initially rallied from $65,020 to $65,800 but failed to sustain the move, returning below $65,000 and falling toward the $64,375-$64,540 support area.
This rejection is significant because it's not the first time Bitcoin has attempted to break through this level. The July 30 rebound was constructive, but the $65,080 close remained below the main recovery zone near $65,400. The developing July 31 candle traded as high as $65,800 before fading sharply.