Bitcoin price sinks to 2-week lows as US stocks diverge from Asia

Bitcoin slid 2.9% to hit $63,018 on Monday, its lowest price in 11 days, as American equities drifted sideways while Asian markets staged a relief bounce.

Ether had it worse. ETH dropped 4.1% during the same session, underperforming Bitcoin on the downside.

What’s driving the selloff

Markets are pricing in the possibility of Federal Reserve rate hikes at a time when oil prices have pushed past $100 per barrel on the back of geopolitical tensions in the Middle East.

Concerns about reduced AI and technology spending, amplified after Alphabet’s recent earnings report, dragged the Nasdaq Composite lower.

President Trump’s tariff policies added another layer of uncertainty.

South Korea’s KOSPI index dropped more than 10%, triggering circuit breakers designed to pause trading during extreme moves. Asian markets showed volatility across the board, though several indices managed to bounce from their worst levels. That recovery didn’t translate to US markets, which closed the session in mixed territory.

Bitcoin’s shrinking range

BTC has been confined to a $63,000 to $65,000 range in late July, a far cry from the levels above $88,000 it reached earlier in the cycle. That’s a decline of roughly 28% from those highs.

What’s particularly notable is how Bitcoin initially showed some resilience during the session before ultimately closing near its lows.

The correlation problem

The deepening correlation between crypto and the Nasdaq in particular has become one of the defining features of this market cycle. When AI spending fears hit tech stocks, Bitcoin drops. When oil prices spike and rate expectations shift, Bitcoin drops.

The key levels to watch are the $63,000 floor that held on Monday and whether any bounce can push back above $65,000 with conviction.

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