Bitcoin Holds Near $63K as Micron Drops About 9%

Bitcoin hovered around $63,000 after slipping from a two-week high of $64,660 following Tuesday’s Wall Street open. The retreat occurred as major U.S. stock indexes declined and chip companies underperformed.

The S&P 500 fell about 0.6% and the Nasdaq 100 dropped about 2.1%. Memory-chip maker Micron Technologies fell roughly 9% after reporting results and guidance that led investors to reassess expectations.

SpaceX was added to the Nasdaq 100 on the same day, following earlier stock volatility this month.

U.S. spot Bitcoin exchange-traded funds recorded net inflows for a second consecutive day, helping limit a larger decline in spot Bitcoin prices.

Market participants noted a rapid change in correlation between Bitcoin and large-cap U.S. technology stocks. One trader reported the BTC-Nasdaq correlation flipped to +0.72 from -0.87 in a matter of days, shifting the short-term relationship from negative to positive.

Technical analysts offered differing views. John Bollinger, creator of the Bollinger Bands indicator, wrote that a ‘W’-shaped reversal was forming on daily charts, adding ‘We are at a critical point.’ He said that if the pattern confirms, it could indicate a change in trend.

Other chart-focused traders pointed to shorter-term structures. One analyst described a ’rounding topping structure’ on low timeframes and expected additional downside. Another market participant referenced past corrections in 2015, 2018 and 2022 and suggested the next S&P pullback could correspond with Bitcoin’s true bottom.

Futures and spot market signals were mixed. Some indicators showed consolidation around $63,000, while short-term momentum measures signaled potential further pressure if equities do not stabilize.

Since the launch of U.S. spot Bitcoin ETFs earlier this year, Bitcoin has shown greater sensitivity to U.S. equity moves. Market participants continue to watch macroeconomic data and semiconductor earnings for signs of changing risk appetite.