Bitcoin bulls battle for $63K as Micron stock eyes 10% drop in US chip sell-off
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- Bitcoin cooled after hitting $64,660, its highest point since June 22, per TradingView data, as BTC/USD rode out a US equity sell-off.
- Micron Technologies stock dropped over 9% leading the chip rout, dragging the S&P 500 down 0.6% and the Nasdaq 100 down 2.1%.
- SpaceX was set for Nasdaq 100 inclusion on Tuesday, marking "the fastest inclusion into the index's history," according to The Kobeissi Letter.
- US spot Bitcoin ETFs posted a second consecutive day of net inflows, keeping BTC/USD from a major comedown despite the equity slide.
- Trader Daan Crypto Trades reported that BTC's correlation to the Nasdaq flipped from -0.87 to +0.72 within days, putting Bitcoin back in "high beta tech stock" territory.
- John Bollinger, creator of Bollinger Bands, said Bitcoin is "at a critical point" as a "W"-shaped reversal pattern seeks confirmation on daily timeframes — a break that would, in his view, confirm a trend change.
- Commentator Exitpump expected further downside via a "rounding topping structure," while trader Killa argued the next S&P correction would mark the true BTC bottom, citing 2015, 2018, and 2022 as historical parallels.
Why it matters: The BTC-Nasdaq correlation flipped back positive to +0.72 from -0.87 in days, meaning Bitcoin is once again trading as a risk-on tech proxy rather than a hedge — so the 9% Micron-led chip rout that pulled the Nasdaq 100 down 2.1% now has direct second-order implications for BTC's next leg, with Bollinger flagging a daily W-pattern as the make-or-break signal for trend direction.
