Bitcoin has experienced a significant recovery process recently, and this recovery appears to have been triggered by the rise in US stock markets. The level that investors should currently follow carefully is $65,000.
Bitcoin retested $65,000 as Wall Street opened on July 25, as US stocks rebounded from their worst day since 2022. According to TradingView data, a recovery in Bitcoin price was observed after the initial selling pressure. Popular trader Skew evaluated this situation in terms of trading algorithms and specifically highlighted an asset he called the agricultural seller.
Skew commented on what he considered a great example of liquidity games in update X: “Aggro sellers drove prices down before large passive buyers arrived. The price action consists of trades covering positions repeatedly until they close, after which the market is net long. So another comeback could probably happen in the future.”
Skew and other analysts continue to monitor the modest rebound in U.S. stocks. Nasdaq fell 3.6% on July 24, its worst performance since November 2022, while the S&P 500 lost 2%. Bitcoin showed a generally similar movement, falling to its local low of $63,424.
Personal Consumption Expenditures (PCE) Index came in lower than expected; This increased expectations for a potential relief and interest rate cut for risky assets. However, both initial and ongoing jobless claims also fell short of expectations, indicating a resilient labor market and dampening market observers' bets that the Fed will cut interest rates at its next meeting on July 31. Data from CME Group's FedWatch Tool confirmed that the likelihood of a reversal by the Fed is extremely low.
Popular trader and analyst Rekt Capital emphasized the importance of the fight to hold the $65,000 level as support. This level represents the short-term value of Bitcoin. He shared the following statements on Rekt Capital X: “Bitcoin is currently retesting the $65,000 level in a volatile manner. “The daily close must be above $65,000 (blue) for the retest to be successful and the price to remain in the $65,000 to $71,500 (red) range.”
In its previous predictions, Rekt Capital predicted that it could only take two months for the BTC/USD pair to reach its all-time high.
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