{"id":495760,"date":"2022-07-14T23:30:06","date_gmt":"2022-07-14T23:30:06","guid":{"rendered":"https:\/\/wncen.com\/?p=495760"},"modified":"2024-06-11T14:21:36","modified_gmt":"2024-06-11T14:21:36","slug":"bitcoin-manage-to-hold-its-own","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-manage-to-hold-its-own\/","title":{"rendered":"Bitcoin Manage To Hold Its Own As Wall Street Open With Losses, Analysts Weigh In On Bottom"},"content":{"rendered":"

While American stocks plunged at the opening of Wall Street on July 14, Bitcoin escaped losses, but traders remained uneasy.<\/p>\n

Analysts Weigh In On Bitcoin Bottom<\/h2>\n

The S&P 500 and Nasdaq Composite Index both fell by about 1.8% at the time of writing as Wall Street opened in the red.<\/p>\n

Although the largest cryptocurrency’s correlation to stocks declined to its lowest levels of 2022 so far, Bitcoin was still able to hold its own.<\/p>\n

\"bitcoin\"<\/p>\n

BTC\/USD trades above $20k. Source: TradingView<\/a><\/pre>\n

BTC\/USD fluctuated around $20,000 during the day, as shown by data from TradingView.<\/p>\n

However, few were prepared to declare that hodlers’ worst days were behind them.<\/p>\n

Aksel Kibar summarized<\/a> to his Twitter followers:<\/p>\n

“This has been a weak rebound so far. Another possible bearish continuation…”<\/p>\n

Related Reading |\u00a0Bitcoin Drops Below $22,000, Is Peter Brandt\u2019s Analysis Still In Play?<\/a><\/em><\/strong><\/p>\n

Due to a confluence of macroeconomic factors, well-known economist and analyst Michael Suppo anticipated a lower low than June’s around $17,500 levels.<\/p>\n

“No way is $17.5k the bottom for Bitcoin,” he noted.<\/a><\/p>\n

Before any retest of the current multi-month lows, some people thought that higher support levels would hold.<\/p>\n

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13.7K is a possibility that we've been watching for 10 months now. #Bitcoin<\/a> will not hit 13.7K unless we lose 19.5K as support.<\/p>\n

19.5K is holding really well so far. The bottom is likely in or very close to being in but most will miss the bottom while waiting for lower prices\ud83e\udd13 pic.twitter.com\/AJF5ye0ntn<\/a><\/p>\n

— Steve Courtney ~ Crypto Crew University (@CryptoCrewU) July 12, 2022<\/a><\/p><\/blockquote>\n