Bitcoin dips to a 10-day low as the halving bulls wait

Bitcoin is under pressure today, though it’s off the lows. It’s down 2% to $62,750 after trading as much as $1000 lower and to the worst levels since April 19. That was the day before the halving, which hasn’t been the catalyst that bulls hoped.

An increasingly-popular line of thinking is that the taillwinds from the halving were priced in along with the ETF launch.

However bitcoin might not be as weak as it appears. Tech stocks have struggled lately and the correlation with bitcoin is high. So while bitcoin is lower, it’s held up better than the Nasdaq, which earlier this month fell to the lowest since February.

This article was written by Adam Button at www.forexlive.com.