Bitcoin price falls to $62.5K, with traders warning of further losses if the weekly close is below $63,220. US inflation trends are positive, but Bitcoin is not following US equities.
The Bitcoin price has fallen to $62.5K, with traders warning that a weekly close below $63,220 could spark further losses. This comes despite positive US inflation trends, which have lifted risk assets and reduced the odds of interest-rate hikes. Bitcoin has failed to follow US equities, which have closed at all-time highs, with the S&P 500 and Nasdaq Composite Index both seeing gains.
Trader and analyst Rekt Capital has noted that $63,000 is now failing as support after weakening throughout August. The 50-month exponential moving average (EMA) at $65,827 is back as resistance, similar to the 2022 bear market. If the weekly close is below $63,220, it could set Bitcoin up for a breakdown, according to Rekt Capital.
The background to this price movement is the release of positive US inflation data, which has reduced the odds of interest-rate hikes. However, Bitcoin has not followed US equities, which have closed at all-time highs. The S&P 500 and Nasdaq Composite Index have both seen gains, but Bitcoin has failed to rally. This has led to concerns that Bitcoin may be due for a long liquidation event, particularly as it approaches an area of liquidity around $61,000.
The key figures involved in this price movement are traders and analysts such as Rekt Capital, who are warning of further losses if the weekly close is below $63,220. The numbers involved are significant, with Bitcoin's price falling to $62.5K and the 50-month EMA at $65,827. The players involved are also significant, with US equities and Bitcoin being closely watched by traders and investors.
The market reaction to this price movement has been significant, with traders and investors closely watching the weekly close. If the close is below $63,220, it could spark further losses, according to Rekt Capital. The reaction of US equities has also been significant, with the S&P 500 and Nasdaq Composite Index both seeing gains. However, Bitcoin has failed to follow, leading to concerns about its price movement.
The implications of this price movement are significant, with traders and investors closely watching the weekly close. If the close is below $63,220, it could spark further losses, according to Rekt Capital. The broader implications are also significant, with Bitcoin's price movement being closely watched by traders and investors. The release of the Personal Consumption Expenditures (PCE) index on August 26 will also be closely watched, as it is the Federal Reserve's preferred inflation gauge.
Traders should watch the weekly close closely, as well as the release of the PCE index on August 26. They should also be aware of the significant players and numbers involved in this price movement, including Rekt Capital and the 50-month EMA. The market reaction to this price movement will be significant, and traders should be prepared for further losses if the weekly close is below $63,220.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.