Bitcoin maintained modest gains as Wall Street opened on July 8, while US equities reached new record highs. The BTC/USD price hovered around the $56,000 mark, experiencing volatility and thin liquidity over the weekend. After a turbulent close on July 7, Bitcoin rebounded during the Asia trading session. However, crypto markets diverged from risk assets as the S&P 500 and Nasdaq Composite Index achieved all-time highs. Market participants are now focusing on upcoming macroeconomic reports and testimony from Jerome Powell, chair of the US Federal Reserve. Keith Alan, co-founder of trading resource Material Indicators, expressed caution regarding Bitcoin, warning that new macro lows could still occur. Alan highlighted a 40% drawdown from the all-time highs in March and noted that this retrace was the deepest and second-longest in the cycle. Some hope that US spot Bitcoin exchange-traded funds (ETFs) will generate buyer interest to push Bitcoin to higher levels. These ETFs saw significant net inflows, attributed to institutional interest in “buying the dip.” However, this article does not provide investment advice and readers should conduct their own research before making any decisions.
Bitcoins value fluctuates around 56K while US stocks reach new record levels