BTC Experiences Decline Alongside US Equity Markets While Micron Tumbles Over 30%
The leading cryptocurrency dropped 1.5% from recent peaks during a US stock market reversal, as trading sentiment shifted from positive inflation signals to investor profit-taking.
Bitcoin (BTC) experienced a cooling period alongside US equity markets on Thursday as technology sector selling dampened earlier gains driven by favorable inflation figures.
Key points:
- Bitcoin tracks US equity markets as they retreat from recent peaks triggered by favorable US inflation statistics.
- Technology sector selling pressure contributes to decelerating upward movement as individual investors secure gains.
- The BTC price recovery appears to be encountering rejection at upper resistance levels.
Technology sector selling halts cryptocurrency and risk-asset advancement
Information from TradingView revealed BTC/USD hovering around $64,500, representing a 1.5% decline from the three-week peaks observed during the previous trading session.
The highs had been supported by consecutive days of US inflation readings coming in below market expectations, with the Consumer Price Index (CPI) and Producer Price Index (PPI) both showing declines during June.
Although cryptocurrency markets and equity indices experienced initial gains, technology stocks faced downward pressure on Thursday, with the widely-monitored Micron Technologies declining 15%.
"Micron is now down over -30% since its June 22nd record high," trading resource The Kobeissi Letter commented in a response on X.
The Kobeissi Letter further highlighted profit-taking activity among individual technology stock investors, with Tesla and Apple sales reaching $200 million throughout the previous two-week period.
"Meanwhile, the total retail turnover in single stocks rose to a record $370 billion, up from $220 billion at the start of 2026," it continued.
"Retail investors are locking in gains following a historic tech rally."
Previously, Cointelegraph had reported on Bitcoin market participants taking profits from the recent local peak levels.
"Rejection" emerges as central BTC price theme
Examining BTC price movements directly, the sentiment among market observers remained cautious throughout the trading day.
Market commentator Exitpump highlighted anchored volume-weighted average price (AVWAP) calculated from Bitcoin's surge to $82,000 during early May, identifying this as the threshold likely to conclude the current upward movement.
"Price is finally going to retest the AVWAP from 82K top that lead to strong local downtrend. To me such retest should cap the upside and give stronger rejection," they told X followers.
Trading analyst and commentator Rekt Capital suggested that BTC/USD was "showing initial signs of rejection" from its 50-month exponential moving average (EMA) positioned at $65,900.
Rekt Capital reinforced the hypothesis of current price patterns mirroring the 2022 bear market cycle, having previously cautioned that the subsequent macro bottom would not materialize until later in the year.