Bitcoin pulled back on Thursday alongside a retreat in U.S. equities, trading near $64,500 after falling about 1.5% from a three-week high set a day earlier. The move came after a brief risk-asset rally sparked by softer-than-expected U.S. June CPI and PPI data lost momentum and selling hit technology shares.
BlockBeats said Micron Technology has now fallen more than 30% from its record high on June 22. The Kobeissi Letter said retail investors have been taking profits in tech stocks, with net selling in both Tesla and Apple reaching $200 million over the past two weeks. It also said total retail single-stock trading volume climbed to a record $370 billion.
On bitcoin, market participants remained cautious. Exitpump said BTC is testing the anchored volume-weighted average price calculated from the early-May high of $82,000, a level that could cap the current rebound and bring stronger resistance. Rekt Capital said bitcoin is showing early signs of rejection at the 50-month exponential moving average near $65,900, and maintained that the current structure could mirror the 2022 bear market, with the next macro bottom possibly arriving later this year.
Bitcoin fell back with U.S. stocks on Thursday and was trading near $64,500, down about 1.5% from the three-week high reached a day earlier, according to BlockBeats.
Earlier, softer-than-expected U.S. June CPI and PPI readings had lifted crypto assets and equities for a short time. That move faded after selling hit technology shares. Micron Technology is now down more than 30% from its record high on June 22.
Retail traders lock in gains from tech stocks
The Kobeissi Letter said retail investors are taking profits after the run-up in technology shares. Over the past two weeks, net selling in both Tesla and Apple reached $200 million, while total retail single-stock trading volume rose to a record $370 billion.
Bitcoin faces technical resistance overhead
Traders are still approaching bitcoin with caution. Exitpump said BTC is testing the anchored volume-weighted average price measured from the early-May high of $82,000. According to Exitpump, that level could limit the current rebound and trigger stronger resistance.
Rekt Capital said bitcoin is showing early signs of rejection at the 50-month exponential moving average near $65,900. It also kept its view that the current price structure may mirror the 2022 bear market, with the next macro bottom possibly not arriving until later this year.
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