Bitcoin Slumps into July Close as Analysts Warn of Bear-Market Repeat

Bitcoin (BTC) fell to its lowest levels in over two weeks on Friday as US stocks saw pressure into the monthly close.

Key points:

• Bitcoin approaches $62,000 as daily losses hit 3.5%.
• US stocks saw no positive reactions to relief in Asia, where stocks rebounded after the semiconductor sell-off.
• Analysis warns that Bitcoin bear-market history should continue to repeat in August.

Bitcoin price targets $62,000 in month-end volatility

Data from TradingView showed BTC/USD falling 3.5% to reach $62,369 on Bitstamp, a level last seen on July 14.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US stocks turned red at the open before treading water, diverging from a major relief bounce seen in Asia. There, South Korea’s KOSPI index ended the day up 17.9%, its largest single-day gain on record.

KOSPI index one-day chart. Source: Cointelegraph/TradingView

“Semiconductor shares led both the sell-off and the subsequent recovery, reflecting…