Bitcoin price tags $62.3K nine-day high after global stocks hit historic record
SkimNews Take
Bitcoin's climb alongside record equities confirms it's still trading as a high-beta proxy for Fed-pivot expectations rather than crypto-native catalysts, with the 200-week MA posing the test of whether macro tailwinds alone can clear a level where prior cycles stalled.
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- Bitcoin reached $62,295 on Bitstamp on Friday, its highest level since June 24, according to TradingView data, with US markets closed for Independence Day.
- The Kobeissi Letter noted the global stock market cap hit new all-time highs, calling the rally in equities "one of the most powerful in history," as the Dow Jones closed at record highs the prior session.
- Trader Daan Crypto Trades flagged the 200-week simple moving average at $62,652 as the critical level to hold for the weekly candle close, calling the current trading zone "important" for maintaining bullish market structure.
- CME Group's FedWatch Tool showed roughly equal odds of a pause or rate hike at the Fed's September meeting, with rates expected to stay at current levels until then.
- Mosaic Asset Company characterized the weak US nonfarm payrolls report as a "Goldilocks" figure — not too cold to stoke growth fears, not too hot to pull forward additional rate hikes — fueling the crypto rebound.
- X commentator Exitpump identified $62K–$62.5K as a "strong resistance area," pointing to controlled slow buying on exchange order books as supportive of continued upside.
Why it matters: Bitcoin's push above $62K now hinges on whether bulls can defend the 200-week SMA at $62,652 by the weekly close — a technical level that, if lost, would re-expose BTC to the lower range it's been stuck in since June. The macro setup is unusually cooperative: weak payrolls shifted Fed expectations toward a pause at the September meeting, while global equities at all-time highs signal risk appetite hasn't broken.
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