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Bitcoin stalls near $65,000 as risk assets face tech sell-off pressure
Bitcoin repeatedly failed at $65,000 through July while volatility picked up around the Wall Street open and traders pointed to $67,000 as a next upside trigger.
Cointelegraph reports traders balked at Bitcoin near $65,000 on Monday as both crypto and other risk assets stayed under pressure. TradingView data cited in the story showed BTC volatility returning around the Monday Wall Street open, with US markets facing multiple headwinds to start the week.
The article links the softer risk tone to a US-Iran war backdrop and a stronger tech-stock sell-off, including claims based on Goldman Sachs data that hedge funds have sold information technology stocks in 6 of the last 8 weeks. At the time of writing, the S&P 500 and Nasdaq Composite were modestly higher, while the Dow Jones was down 0.3%.
Cointelegraph also notes oil prices remained above $80 per barrel as the Strait of Hormuz appeared set to stay closed amid intensifying rhetoric from the US and Iran. It adds that Trump called for Iran to be included in a sanctions package initially aimed at Russia.
BTC price action, according to the piece, left limited room for upside because $65,000 became a repeated momentum failure point throughout July. Trader Daan Crypto Trades said the level capped price for the entirety of July so far and suggested the next likely upside target was just above $67,000, while Michael van de Poppe forecast a BTC target range of $67,500 to $69,000 for the coming weeks, with higher levels up to $80,000 later in August.
Latest closeBitcoin $65,447.74 ▲1.2%|S&P 500 7,533.77 ▼0.5%|Nasdaq Comp. 25,881.95 ▼1.5%