Home›Crypto›Market Structure›Bitcoin slips toward $62.5K as weekly close below $63,…

Bitcoin slips toward $62.5K as weekly close below $63,220 flagged

Rekt Capital said a weekly close under $63,220 could point to a breakdown, with support near $63,000 weakening and focus turning to the Aug. 26 PCE inflation release.

Reported · Written up by our desk · Market Structure

Bitcoin slid further into the Friday Wall Street open, trading near month-to-date lows around $62,570, as traders increasingly pointed to a potential BTC/USD breakdown, according to Cointelegraph. The outlet noted that Bitcoin moved lower even as US risk assets climbed, with the S&P 500 and the Nasdaq Composite each posted slight gains around the time of writing after Thursday’s sessions reached all-time highs.

Cointelegraph cited trader and analyst Rekt Capital, who warned that Sunday’s weekly close needed to be above $63,220. The analyst also said $63,000 was failing as support after weakening throughout August, and that a prior level around the 50-month exponential moving average at $65,827 had returned as resistance.

The report added that onchain and derivatives activity has been building, including growing open interest in derivatives markets and an earlier view of increased odds for a long liquidation event as Bitcoin nears liquidity around $61,000. Cointelegraph also said macro traders are watching the Aug. 26 Personal Consumption Expenditures (PCE) index release, the Federal Reserve’s preferred inflation gauge.

Latest closeBitcoin $62,958.19 ▼0.7%|S&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%

More like this

Sources