Bitcoin price fluctuates around 56K while US stocks achieve new record highs

Bitcoin held onto modest gains as Wall Street opened on July 8, while US equities reached new record highs. The BTC/USD price hovered around the $56,000 mark, experiencing volatility and thin liquidity throughout the weekend. After a turbulent July 7 close, Bitcoin rebounded during the Asia trading session before declining again. This divergence from risk assets was highlighted as the S&P 500 and Nasdaq Composite Index achieved new all-time highs. Market participants are now focusing on upcoming macroeconomic reports and Federal Reserve Chair Jerome Powell’s testimony. There is caution regarding Bitcoin, with warnings of potential new macro lows. Some hope that US spot Bitcoin exchange-traded funds (ETFs) will attract buyer interest and help push prices higher. These ETFs saw significant inflows on July 5, attributed to institutional interest in “buying the dip.” However, it is important to remember that this article does not provide investment advice and readers should conduct their own research before making any decisions.