Bitcoin Price Drops to $62,570 as US Stocks Hit New Highs

The Bitcoin price has dropped to $62,570, marking its lowest level so far this month. Despite this decline, US stocks continue to reach record highs, with the S&P 500 and Nasdaq Composite Index up 0.11% and 0.14%, respectively.

Rekt Capital, a trader and analyst, warns that Sunday's weekly close must be above $63,220 for Bitcoin to avoid further losses. He notes that this level has failed as support after weakening throughout August.

The failure of Bitcoin to follow US equities in rallying on improving inflation data has caught the attention of QCP Capital, a trading and investment company. They highlight the distinction between resilience and momentum in crypto markets, which have so far shown only a muted response to softer inflation data.