Bitcoin Falls Out Of Step With US Equities, What This Could Mean For The Crypto Market

Quick Summary:

Joshua Lim, co-founder of trading firm Arbelos Markets, told Bloomberg that this selling pressure caused by the likes of the German government has "put a cap” on Bitcoin’s upside while these US stocks trade at all-time highs.  Data from IntoTheBlock shows that it is indeed this selling pressure that has caused Bitcoin to detach from these US stocks.

This selling pressure hasn’t slowed, as the German government has continued its selling spree this month.  Moment Of Truth For BTC And The Stock Market Bitcoin and US stocks will again be tested when the US Consumer Price Index (CPI) inflation data is released on July 11.

Such development is undoubtedly bullish for these assets, especially Bitcoin and the broader crypto market.  Related Reading: Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood In the short term, positive inflation data is expected to spark a rebound for Bitcoin’s price, which is currently trying to reclaim $60,000 as support.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Bitcoin Btcusd Bitcoin news Btc BTC news Bitcoin price Bitcoin BTCUSDT Btc price

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-11 @ 15:30:57 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 446 words

Reading Time: 3 minutes read

Sentences: 64 lines

Sentence Length: 7 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 21576454

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