The token had absorbed an oil shock better than equities earlier in the month, but last week it fell while U.S. and European stock markets were largely unchanged.
Bitcoin, which had outperformed equities for most of July and absorbed an oil shock that left stocks flat, lost that relative strength last week. The token slid while U.S. and European equities were broadly steady, breaking lower on Monday and failing to recover afterward. The move suggests Bitcoin's earlier resilience against broader market stress weakened over the course of the week.