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Bitcoin holds in a $62.7K to $65.3K range as equities slip

Bitcoin traded around $64.3K after briefly touching $65K, and Glassnode data show BTC outperformed the S&P 500 in 37.8% of sessions over the past three months.

Reported · Written up by our desk · Market Structure

Crypto market capitalization was little changed over the past 24 hours, staying near $2.19T, even as price action became more polarized across major tokens, according to Action Forex.

Action Forex said bitcoin tapped the $65K level early in US trading Tuesday but then faced persistent selling that pushed it to about $64.3K. The analysis pointed to the $63.7K area as the current focal point, with a confirmed move expected only after bitcoin breaks out of the $62.7K to $65.3K range.

Action Forex also highlighted that crypto has continued to show a negative or near zero correlation to equities, as US stocks sold off on Tuesday. It added that BTC outperformed the S&P 500 in just 37.8% of trading sessions over the past three months, its lowest such rate in six years, citing Glassnode.

On positioning and on-chain context, Action Forex noted that bitcoin funding rates have returned to this year’s highs, reaching a 20-month peak, and that CryptoQuant data show most traders are opening long positions. It also cited River calculations that private wallets hold 9.57 million BTC, or 45.6% of supply, with 7.7% of BTC considered irretrievably lost, plus details on exchange, custodial, and ETF holdings.

Latest closeBitcoin $84,310.25 ▼0.1%|S&P 500 7,675.92 ▼0.4%

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