Bitcoin prices moved back towards $65,000 as US stock markets recovered from their worst day since 2022, with traders closely watching key support levels and the growing correlation between crypto and tech stocks.

Bitcoin revisited the $65,000 mark after the July 25 Wall Street open as US equities bounced back from steep losses. Data from TradingView showed Bitcoin (BTC) rebounding, following initial selling pressure from algorithmic trading.

Popular trader Skew highlighted one entity in particular as an “aggro seller”, explaining that these actions “slammed prices lower before large passive buyers came in.” Skew suggests price momentum was driven by positions covering repeatedly until the market became net long.

The modest recovery in US stocks came after major losses the previous day. On July 24, the Nasdaq 100 fell

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Author: Vince Dioquino

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