Bitcoin Slumps to Two-Week Lows as US Stocks Fail to Rebound

Bitcoin's price dropped to its lowest level in over two weeks on Friday, falling to $62,369 on Bitstamp. This marks a daily loss of 3.5% for the cryptocurrency.

The decline comes as US stocks failed to rebound despite relief seen in Asia. The South Korea KOSPI index ended the day up 17.9%, its largest single-day gain on record.

Analysts point out that this mirrors the 2022 bear market, where Bitcoin's price also saw a significant drop in August. Rekt Capital notes that the 50-month exponential moving average (EMA) for Bitcoin is currently at $65,820 and has acted as resistance since mid-June.