Bitcoin Price Dives to 2-Week Lows as US Stocks Lag Asian Rebound
Bitcoin's price has dropped to its lowest levels in over two weeks as US stocks failed to follow Asia's lead in rebounding from the semiconductor sell-off. The BTCUSD pair fell 3.5% on Friday, reaching $62,369 on Bitstamp, a level last seen on July 14.
US stocks opened red but then stabilized, diverging from Asia's relief bounce, where South Korea's KOSPI index ended the day up 17.9%, its largest single-day gain on record.
QCP Capital noted that crypto market trading activity increased during the KOSPI gyrations, highlighting the growing relationship between crypto liquidity, regional equity positioning, and broader technology-sector sentiment.
Bitcoin traders are drawing parallels with the 2022 bear market, anticipating a potential relief bounce until August. Rekt Capital forecast that price may try to maintain highs in early August but ultimately rollover like it did in 2022.