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Bitcoin avoids losses as US equities dive

written by Bella Palmer

Wall Street opened with losses, the S&P 500 and Nasdaq Composite Index both down around 1.8%

Bitcoin (BTC) avoided losses as US equities dived on the July 14 Wall Street open, but traders remained nervous.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it lingered around $20,000 on the day.

Wall Street opened with losses, the S&P 500 and Nasdaq Composite Index both down around 1.8% at one time.

Bitcoin nonetheless managed to hold its own as the largest cryptocurrency's correlation to stocks fell to its lowest levels of 2022 so far. That said, few were willing to say that the worst was over for hodlers.

This has been a weak rebound so far. Another possible bearish continuation, macro analyst Aksel Kibar summarised to Twitter followers.

Popular analyst and social media personality Michael Suppo meanwhile expected a lower low than June's near $17,500 levels thanks to a cocktail of macroeconomic factors.

No way is $17.5k the bottom for Bitcoin, he said.

Others hoped that higher support levels would hold before any retest of existing multi-month lows.

BTC has experienced most of its Downtrend Acceleration phase, fellow trader and analyst Rekt Capital continued with a slightly more optimistic perspective. Once this phase is finished, the Multi-Month Consolidation phase will follow.

The macro story on the day remained the U.S. dollar, which continued to hit new 20-year highs against a basket of trading partner currencies.

Those included the euro and Japanese yen, both of which fell to their lowest since the start of the century against USD. EUR/USD fell below parity.

At one time, the U.S. dollar index (DXY) circled 108.9 after hitting its peak of 109.29.


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