Bitcoin saw fresh downside pressure as US stocks tracked sideways into the end of the month, diverging from the relief bounce seen in Asia.
Bitcoin (BTC) fell to its lowest levels in over two weeks on Friday as US stocks saw pressure into the monthly close.
Data from TradingView showed BTC/USD falling 3.5% to reach $62,369 on Bitstamp, a level last seen on July 14.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US stocks turned red at the open before treading water, diverging from a major relief bounce seen in Asia. There, South Korea’s KOSPI index ended the day up 17.9%, its largest single-day gain on record.
KOSPI index one-day chart. Source: Cointelegraph/TradingView
“Semiconductor shares led both the sell-off and the subsequent recovery, reflecting the index’s high exposure to the global AI and memory-chip cycle,” trading company QCP Capital wrote in commentary on the latest macro market moves.
QCP noted that crypto market trading activity increased around the KOSPI gyrations, something it said “highlighted the growing relationship between crypto liquidity, regional equity positioning and broader technology-sector sentiment.”
Both Japan and Korea reportedly engaged in currency interventions on Thursday, while Japan’s central bank kept benchmark interest rates at 1.0%, following the US Federal Reserve’s decision to stand pat on Wednesday.
BTC/USD approached the end of the monthly candle up 8.5%, marking its strongest July performance since 2022, per data from CoinGlass.
BTC/USD monthly returns (screenshot). Source: CoinGlass
Related: Here’s what happened in crypto today
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