Magnificent 7 tech stocks as well as Bitcoin are increasingly stressed

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Last Updated on 13 July 2024 by CryptoTips.eu

On Thursday, US inflation appeared to fall slightly, but the end results was still less than analysts had hoped for. The Federal Reserve isn’t ready to give a definitive answer as to whether or not it will lower interest rates, the American economy is creating fewer jobs than before and stock market favorite Nvidia fell 5% at a certain point this week. Stress enters the market.  

Bitcoin has failed to break through the $60,000 level twice this week. Apparently many traders now have their automatic sell orders set at that price level. Two months ago, that level lay at $70,000.

Is this the start of a sell-off wave on the stock markets? Is Bitcoin indeed looking for support and is that to be found below $50,000?

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Trends

The entire ‘magnificent 7’ (the group of 7 best-known tech stocks in the United States) had the worst day of the year on Thursday.

Friday saw a rebound but it is clear that stress levels are growing.

Google trends clearly show that Americans are increasingly entering the term ‘stock market crash’ in the months of June and July.

An ever greater number of analysts are becoming convinced that this will cause Wall Street firms to reduce their risk positions and that tech stocks and crypto will be hit as the risk of a pullback outweighs the possibility of a new top in the coming weeks.

Robottaxi

Tech stocks had a terrible day on Thursday. Heavyweight Nvidia fell more than 5% on Thursday and Tesla had its worst day since January with a loss of 8%. This came after an analyst report predicted that Elon Musk’s company will have to postpone the long-awaited robot taxi.

Bitcoin did not do much better this week. Although the largest digital coin is still trading at a very high level, it has not been able to break through $60k for a few days. Just yesterday we noted that Peter Brandt noticed a double top and therefore considers the possibility of a crash.

Crypto fans seem to agree. The famous Bitcoin ‘fear & greed index’ is set at the lowest level of the past 6 months.

Trade safely out there everyone.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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