Bitcoin bulls battle for $63K as Micron stock eyes 10% drop in US chip sell-off
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin retreated from $64,660, its highest level since June 22, tracking a broad US equities sell-off that knocked the S&P 500 down 0.6% and the Nasdaq 100 down 2.1%.
- Micron Technologies led the chip-stock rout, plunging more than 9% despite highly anticipated earnings last month, according to TradingView data cited by Cointelegraph.
- SpaceX was set to be added to the Nasdaq 100 on Tuesday — the fastest inclusion in the index's history, according to The Kobeissi Letter — after its own stock turbulence in late June.
- US spot Bitcoin ETFs logged a second consecutive day of net inflows, helping BTC/USD avoid a major comedown despite the equity weakness.
- Bitcoin's correlation with the Nasdaq flipped from -0.87 to +0.72 within days, per trader Daan Crypto Trades, shifting the asset back toward 'high beta tech stock' behavior from inverse-hedge status.
- John Bollinger, creator of the Bollinger Bands indicator, identified a 'W'-shaped reversal pattern on Bitcoin's daily chart, calling it 'a critical point' and saying a confirmed pattern would confirm a change in trend.
- Bears pushed back: trader Exitpump expects a 'rounding topping structure' with further downside, while Killa argued the next S&P correction — not this one — will mark Bitcoin's true bottom, citing 2015, 2018, and 2022 cycles.
Why it matters: Two consecutive days of spot ETF inflows and Bollinger's confirmed W pattern give bulls ammunition to argue Bitcoin is decoupling from the current chip-led sell-off, but the +0.72 Nasdaq correlation means BTC now trades like a leveraged tech stock — and Killa's historical 2015/2018/2022 framing warns the S&P's next correction could be the one that finally tests the bottom.
