Bitcoin Dips as Micron Tops 30% Drop in Tech Rout
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- Bitcoin circled $64,500 on Thursday, down 1.5% from three-week highs, with TradingView data showing the drop accompanied a reversal in US equities after two straight days of lower-than-expected June CPI and PPI prints.
- Micron Technologies sank 15% intraday and is now down more than 30% from its June 22 record high, per The Kobeissi Letter, leading a tech sell-off that pressured crypto and other risk assets.
- Retail investors sold roughly $200 million of Tesla and Apple shares over the past two weeks while single-stock retail turnover hit a record $370 billion (up from $220 billion at the start of 2026), according to Kobeissi.
- Exitpump, a commentator on X, flagged the anchored VWAP measured from Bitcoin's run to $82,000 in early May as the level expected to cap the current rebound and trigger stronger rejection.
- Rekt Capital said BTC/USD is "showing initial signs of rejection" from its 50-month exponential moving average at $65,900 and reiterated his view that price action is copying the 2022 bear market, with the next macro bottom not coming until later in the year.
Why it matters: Micron's 30%-plus drop from a June 22 record is the clearest signal yet that the post-CPI rally in risk assets has stalled, and with Bitcoin rejecting at the 50-month EMA near $65,900 alongside record retail equity turnover, short-term crypto upside is constrained until tech leadership reasserts itself.
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