Bitcoin Drops to $62,000 as US Stocks Miss Asia Rebound
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin fell 3.5% to $62,369 on Bitstamp, its lowest level since July 14, as US stocks turned red and treaded water into the monthly close.
- South Korea's KOSPI index ended the day up 17.9%, its largest single-day gain on record, with semiconductor shares leading both the sell-off and recovery.
- QCP Capital noted crypto trading activity increased around the KOSPI gyrations, highlighting the growing relationship between crypto liquidity and regional tech-sector positioning.
- Japan and Korea reportedly engaged in currency interventions on Thursday, while Japan's central bank kept rates at 1.0% after the US Federal Reserve's decision to hold steady on Wednesday.
- BTC/USD approaches the close of its monthly candle up 8.5%, its strongest July performance since 2022, per CoinGlass data.
- Rekt Capital forecast that Bitcoin may try to maintain highs in early August but rollover like it did in 2022, citing the 50-month EMA at $65,820 acting as resistance after two failed breakouts since mid-June.
Why it matters: Bitcoin's divergence from a record-setting Asian tech rally signals that US institutional sentiment is decoupling from regional risk-on moves, leaving BTC stuck below its $65,820 50-month EMA — a level traders have failed to break twice since June, raising the odds of an August rollover that would erase July's 8.5% gain.
