While American stocks plunged at the opening of Wall Street on July 14, Bitcoin escaped losses, but traders remained uneasy. Analysts Weigh In On Bitcoin Bottom 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. 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. BTC/USD trades above $20k. Source: TradingView BTC/USD fluctuated around $20,000 during the day, as shown by data from TradingView. However, few were prepared to declare that hodlers’ worst days were behind them. Aksel Kibar summarized to his Twitter followers: “This has been a weak rebound so far. Another possible bearish continuation…” Related Reading | Bitcoin Drops Below $22,000, Is Peter Brandt’s Analysis Still In Play? 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. “No way is $17.5k the bottom for Bitcoin,” he noted. Before any retest of the current multi-month lows, some people thought that higher support levels would hold. 13.7K is a possibility that we've been watching for 10 months now. #Bitcoin will not hit 13.7K unless we lose 19.5K as support. 19.5K is holding really well so far. The bottom is likely in or very close to being in but...
