Bitcoin () avoided losses as United States equities dived on the July 14 Wall Street open, but traders remained nervous.
Analyst: «No way» Bitcoin bottomed at $17,500
Data fromand followed BTC/USD as it lingered around $20,000 on the day.
Wall Street opened with losses, the S&P 500 and Nasdaq Composite Index both down around 1.8% at the time of writing.
Bitcoin nonetheless managed to hold its own as the largest cryptocurrency’s correlation to stocks fell to itsso far.
That said, few were willing to say that the worst was over for hodlers.
«This has been a weak rebound so far. Another possible bearish continuation…,» macro analyst Aksel Kibarto Twitter followers.
Popular analyst and social media personality Michael Suppo meanwhilea lower low than June’s thanks to a cocktail of macroeconomic factors.
«No way is $17.5k the bottom for Bitcoin,» he wagered.
Others hoped thatwould hold before any retest of existing multi-month lows.
13.7K is a possibility that we’ve been watching for 10 months now.will not hit 13.7K unless we lose 19.5K as support.
19.5K is holding really well so far. The bottom is likely in or very close to being in but most will miss the bottom while waiting for lower prices
— Steve Courtney ~ Crypto Crew University (@CryptoCrewU)
«BTC has experienced most of its Downtrend Acceleration phase,» fellow trader and analyst Rekt Capital continued with a slightly more optimistic perspective.
«Once this phase is finished, the Multi-Month Consolidation phase will follow.»
US dollar cools after yet another record
The macro story on the day remained the U.S. dollar, which continued to hit new 20-year highs against a basket of trading partner currencies.
Those included the euro and Japanese yen, both of which fell to their lowest since the start of the century against USD. EUR/USD fell below parity.
The dollar keeps strengthening, with DXY now at its highest level since 2002. This is a euro story, with fears of recession growing on the heels of a potential gas cutoff, and a yen story, with Japan’s extreme monetary policy divergence. But it’s also the stuff-a-mattress trade
— Lisa Abramowicz (@lisaabramowicz1)
At the time of writing, the U.S. dollar index (DXY) circled 108.9 after hitting its peak of 109.29.
«No one wants fire insurance during a flood, and no one wants dollar value insurance with the Fed pumping $DXY via rates hikes and recession,» Reddit and Twitter user TheHappyHawaiianin part of a post discussing the impact of a strong dollar on silver prices.
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