Bitcoin

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) revisited $65,000 after the July 25 Wall Street open as United States equities recovered from their worst day since 2022.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/1225ec36-50a0-45ed-b3e9-a618defb15c3.png" alt="BTC price inches up with US stocks as Bitcoin bulls fight for $65K">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="bitcoin-ticks-higher-after-algo-led-sell-off">Bitcoin ticks higher after algo-led sell-off</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="dofollow" target="_blank">TradingView</a> showed a BTC price rebound following initial sell-side pressure.
This was in the form of trading algorithms, popular trader Skew said on the day, while highlighting one entity in particular whom he dubbed an “aggro seller.”
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/a0452d8f-77a9-4e78-b218-f1cd65faf00f.png" alt="BTC price inches up with US stocks as Bitcoin bulls fight for $65K">
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 Source: Skew
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“This morning is a great example of liquidity games,” he <a href="https://x.com/52kskew/status/1816483603657986142" rel="noopener noreferrer nofollow" target="_blank">explained</a> in his latest X update.
<blockquote>
 “Aggro sellers slammed prices lower before large passive buyers came in. Price momentum is basically just positions covering over and over till closed and then market is net long. So probably another reversion trade later on.”
</blockquote>
Skew and others <a href="https://x.com/52kskew/status/1816460438705742190" rel="noopener noreferrer nofollow" target="_blank">tracked</a> a modest ongoing comeback for US stock markets which had previously seen major losses. The Nasdaq 100 fell 3.6% on July 24, marking its worst day since November 2022, while the S&amp;P 500 slid 2%.
Bitcoin displayed similar behavior overall, hitting local lows of $63,424 on Bitstamp.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/864d22f4-c42b-4c0c-8912-3b3377b0776d.png" alt="BTC price inches up with US stocks as Bitcoin bulls fight for $65K">
 <figcaption style="text-align: center;">
 BTC/USD vs. Nasdaq 100 1-day chart. Source: TradingView
 </figcaption>
</figure>
“Did the bubble just pop?” trading resource The Kobeissi Letter <a href="https://x.com/KobeissiLetter/status/1816478350048690434" rel="noopener noreferrer nofollow" target="_blank">queried</a> in part of the day’s X commentary.
US macroeconomic data releases added to the state of market flux.
The Personal Consumption Expenditures (PCE) Index came in lower than expected — a potential relief for risk assets with reduced spending bolstering the odds of interest rate cuts.
Both initial and ongoing jobless claims were also below expectations, however, pointing to a resilient labor market and reducing market observers’ bets on cuts at the Federal Reserve’s next meeting on July 31.
The latest data from CME Group’s <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="noopener noreferrer nofollow" target="_blank">FedWatch Tool</a> confirmed <a href="https://cointelegraph.com/news/btc-price-8-all-time-high-5-things-bitcoin-this-week">already very low odds</a> of a curveball move from the Fed.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/d73cccbb-b7c4-4330-b177-9503914e9e9b.png" alt="BTC price inches up with US stocks as Bitcoin bulls fight for $65K">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
</figure>
<h2 id="trader-sets-key-target-for-btc-price-daily-close">Trader sets key target for BTC price daily close</h2>
Meanwhile, popular trader and analyst Rekt Capital stressed the importance of the current battle to flip $65,000 to support.
Related: <a href="https://cointelegraph.com/news/bitcoin-massive-rally-buy-signal-1st-time-year">Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year</a>
This level, as <a href="https://cointelegraph.com/news/bitcoin-whales-unprecedented-23b-july-buying-spree">Cointelegraph reported</a>, represented the Bitcoin short-term holder realized price.
“Bitcoin is now in the process of retesting the $65,000 level in a volatile manner,” he <a href="https://x.com/rektcapital/status/1816494953125793989" rel="noopener noreferrer nofollow" target="_blank">told</a> X followers alongside an explanatory chart.
<blockquote>
 “Needs to now Daily Close above $65k (blue) to render the retest as successful and keep price in the $65k-$71.5k region (red).”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/9e512d44-00fb-485d-a67e-befb6c98af16.png" alt="BTC price inches up with US stocks as Bitcoin bulls fight for $65K">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Rekt Capital/X
 </figcaption>
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Previously, Rekt Capital estimated that BTC/USD could need <a href="https://cointelegraph.com/news/bitcoin-trader-2-months-all-time-high-china-cuts-rates">only around two months</a> to achieve a new all-time high.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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

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