Bitcoin price sinks to 2-week lows as US stocks fail to copy Asia rebound
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- Bitcoin fell 3.5% to $62,369 on Bitstamp on Friday, its lowest level since July 14, as US equities turned red and traded sideways rather than tracking Asia's rebound.
- South Korea's KOSPI index surged 17.9% in its largest single-day gain on record, with semiconductors leading both the prior sell-off and the recovery, per QCP Capital.
- QCP Capital noted crypto trading activity spiked during the KOSPI volatility, 'highlighting the growing relationship between crypto liquidity, regional equity positioning and broader technology-sector sentiment.'
- Japan and South Korea both reportedly conducted currency interventions on Thursday, while Japan's central bank held benchmark rates at 1.0% after the US Federal Reserve's Wednesday decision to stand pat.
- Bitcoin ended July up 8.5%, its strongest July performance since 2022, but analyst Rekt Capital warned the pair could rollover in August, mirroring the 2022 bear-market pattern.
- Bitcoin's 50-month exponential moving average, currently at $65,820, has acted as resistance after two failed breakout attempts since mid-June, per Rekt Capital.
Why it matters: Bitcoin's drop to a two-week low came despite a record-breaking 17.9% rebound in South Korea's semiconductor-heavy KOSPI, exposing how detached US-tilted crypto trading is from Asian tech sentiment. With July still closing as Bitcoin's strongest month since 2022 yet the 50-month EMA at $65,820 capping upside for two months, traders are watching whether August replicates the 2022 bear-market rollover pattern.
