1 day ago
Bitcoin (BTC) cooled disconnected with US stocks connected Thursday arsenic tech selling tempered gains from debased inflation.
Key points:
- Bitcoin follows US stocks arsenic they travel disconnected section highs sparked by bullish US ostentation data.
- Tech merchantability unit contributes to slowing momentum arsenic retail investors instrumentality profits.
- The BTC terms rebound is seen rejecting astatine overhead resistance.
Tech selling puts the brakes connected crypto, risk-asset upside
Data from TradingView showed BTC/USD circling $64,500, down 1.5% from its three-week highs seen the time prior.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
These had accompanied 2 consecutive days of lower-than-expected US ostentation data, with some the Consumer Price Index (CPI) and Producer Price Index (PPI) dropping successful June.
While crypto and equities initially gained, tech stocks came nether unit connected Thursday, with the closely-watched Micron Technologies down 15%.
“Micron is present down implicit -30% since its June 22nd grounds high,” trading assets The Kobeissi Letter commented successful a response connected X.
Micron Technologies one-day chart. Source: Cointelegraph/TradingView
Kobeissi additionally noted profit-taking successful enactment by retail tech-stock investors, with income of Tesla and Apple hitting $200 cardinal implicit the past 2 weeks.
“Meanwhile, the full retail turnover successful azygous stocks roseate to a grounds $370 billion, up from $220 cardinal astatine the commencement of 2026,” it continued.
“Retail investors are locking successful gains pursuing a historical tech rally.”
Retail capitalist equity income data. Source: The Kobeissi Letter/X
Earlier, Cointelegraph reported connected Bitcoin speculators cashing successful connected the caller section highs.
“Rejection” becomes caller BTC terms keyword
Turning to BTC terms enactment itself, the temper among marketplace participants remained blimpish connected the day.
Related: Bitcoin $107K buyers providing ‘early signals’ of 2026 bear-market bottom: Glassnode
Commentator Exitpump flagged anchored volume-weighted mean terms (AVWAP) arsenic measured from Bitcoin’s tally to $82,000 successful aboriginal May, arsenic the level to extremity the existent rebound.
“Price is yet going to retest the AVWAP from 82K apical that pb to beardown section downtrend. To maine specified retest should headdress the upside and springiness stronger rejection,” they told X followers.
BTC/USD four-hour chart. Source: Exitpump/X
Trader and expert Rekt Capital argued that BTC/USD was “showing archetypal signs of rejection” from its 50-month exponential moving mean (EMA) astatine $65,900.
Rekt Capital reiterated the conception of existent terms behaviour copying the 2022 carnivore market, having already warned that the next macro bottom would not travel until aboriginal successful the year.
This nonfiction is produced successful accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not represent concern proposal oregon recommendations. All investments and trades transportation risk; readers are encouraged to behaviour autarkic research.
English (US) 