Bitcoin Drops to $62.5K as Stocks Hit Record Highs
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- Bitcoin fell 1.3% to $62,570 on Friday, hovering near its lowest levels of the month while the S&P 500 and Nasdaq Composite both edged up — roughly 0.11% and 0.14% respectively — to record closes.
- Rekt Capital warned Bitcoin must hold a weekly close above $63,220 to avoid a deeper breakdown, noting $63,000 has failed as support after progressively weakening through August.
- Rekt Capital also flagged that the 50-month exponential moving average at $65,827 has re-emerged as resistance, a setup he compares to the 2022 bear market structure.
- QCP Capital called crypto's muted response to softer US inflation data 'increasingly important,' distinguishing Bitcoin's recent 'resilience' from a lack of actual 'momentum' in either direction.
- Macro traders have shifted focus to the August 26 Personal Consumption Expenditures (PCE) index release — the Federal Reserve's preferred inflation gauge — whose last print marked the first monthly decline since 2020.
- Glassnode reported traders have added 'substantial risk, most of it long' into derivatives markets with 'no matching demand,' raising the odds of a long liquidation event around the $61,000 liquidity zone.
Why it matters: The Bitcoin-equities decoupling matters because even friendly inflation prints and record-high stocks aren't lifting BTC, while Glassnode-flagged leveraged longs piling in near $61,000 create a queued-up liquidation event — and the August 26 PCE release could either confirm or break that fragile setup within a week.
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