Bitcoin climbed to $64,660, but the move stalled as weakness in US technology stocks weighed on broader risk assets. The S&P 500 fell 0.6% and the Nasdaq 100 dropped 2.1%, with chip stocks leading the decline. Micron Technologies shares sank more than 9% during the session, adding pressure to a market already leaning defensive.
Tech-led equity losses spill into crypto
Traders were also watching SpaceX’s inclusion in the Nasdaq 100 on the same day. Financial analysis platform The Kobeissi Letter described it as the fastest inclusion process in the index’s history. Even so, the main market signal came from the sell-off across technology shares. Bitcoin did not fully detach from that move, and its gains stayed limited as equities weakened.
Spot ETF inflows help contain the pullback
US spot Bitcoin ETFs recorded consecutive days of net inflows, giving the market a layer of support. That flow helped keep Bitcoin’s decline modest even as pressure spread across stocks. The price action suggested that demand from ETF products was enough to cushion selling, though not strong enough to completely offset the drag coming from equity markets.
Bitcoin-Nasdaq correlation turns positive again
Trader Daan Crypto Trades said the correlation between Bitcoin and the Nasdaq shifted sharply within days, moving from -0.87 to +0.72. The swing points to a much tighter relationship between the two markets in the near term. Not all analysts share the same short-term view. Commentator Exitpump said a rounded top may be forming on lower timeframes, raising the risk of another correction. Trader Killa, looking at historical patterns, argued that Bitcoin’s real bottom may only appear when the S&P 500 sees its next major correction.
John Bollinger watches a daily W pattern
John Bollinger, creator of the Bollinger Bands indicator, focused on a longer-term technical setup. He said a “W pattern” is forming on Bitcoin’s daily chart, and confirmation could point to a bullish reversal over a broader timeframe. In the article’s glossary, that pattern is described as a double-bottom structure that is typically confirmed when price breaks above the peak between the two troughs. Bollinger had already raised the question last week of whether this setup could fully negate Bitcoin’s recent downtrend. For now, equity pressure remains in place, while the longer-range technical picture still leaves room for recovery.