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Bitcoin (BTC) set new multi-week lows after Friday’s Wall Street open as BTC price action diverged from stocks.
Key points:
- Bitcoin fell to $74,762 after the start of Friday’s US trading session, its lowest level since Aug. 21.
- Investors piled into tech stocks after Thursday’s sell-off, with the Nasdaq Composite Index gaining 1.8% in the first hour.
- BTC price analysis warned that $69,000 could return if 50-week trend line support gave way.
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Data from TradingView showed BTC/USD dipping below $75,000 to levels last seen in mid-August. The total crypto market cap was down 0.5% on the day.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US stock markets rebounded as traders took advantage of heavily discounted tech shares. The S&P 500 and Nasdaq Composite Index traded up 0.6% and 1.2%, respectively, at the time of writing.
Nasdaq Composite Index one-hour chart. Source:…
