Bitcoin undergoes a round of automatic selling

In the words of William Suberg, BTC price action rises with US stocks as bulls target USD 65,000, this is if we take into consideration that Bitcoin experienced a round of automatic selling as the BTC price competes with stricken US stocks in search of a short-term recovery.

In the words of popular trader Skew, “Aggressive sellers drove prices lower before large passive buyers stepped in. Price momentum is basically just hedged positions over and over again until they are closed and then the market is net long. So probably another reversal trade later.”

Separately, Skew and others tracked a modest comeback underway for U.S. equity markets, which had previously seen big losses. The Nasdaq 100 fell 3.6% on July 24, marking its worst day since November 2022, while the S&P 500 was down 2%.

It was also learned that, “The Personal Consumption Expenditures (PCE) Index came in lower than expected, a possible relief for risk assets with reduced spending raising the odds of interest rate cuts.”

Both initial and continuing jobless claims also came in below expectations, however, pointing to a resilient labor market and reducing market watchers' bets on cuts at the Fed's next meeting on July 31.

Cointelegraph. BTC price inches up with US stocks as Bitcoin bulls fight for $65K. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph