Bitcoin’s bounce lost momentum on Thursday as weakness spread through US tech stocks, muting broader risk-asset enthusiasm. The move followed a market-wide reaction to cooler inflation data earlier in the week, which had helped push equities and BTC higher before traders began trimming positions.
According to TradingView, BTC/USD was trading around $64,500, about 1.5% lower than its three-week highs from the prior day. While crypto initially benefited from the inflation-driven optimism, Thursday’s selloff in high-growth stocks helped cool the appetite for additional upside.
Key takeaways
- BTC/USD hovered near $64,500 after failing to extend gains from the previous day’s three-week highs.
- Lower US inflation expectations supported early risk-on moves, but tech stocks turned into a drag on Thursday.
- Market commentary points to “rejection” behavior near key technical areas, including a major moving average zone.
- Analysts highlighted potential upside limits tied to anchored volume metrics and prior peak areas.
Inflation relief fades as US tech stocks pull back
The latest dip in Bitcoin’s momentum came alongside broader equity rotation. Earlier, both the Consumer Price Index (CPI) and Producer Price Index (PPI) had shown weaker-than-expected readings in June, according to the reporting referenced from Cointelegraph’s prior market coverage about inflation coming in cooler. Those data points helped lift both equities and crypto at first.
However, Thursday brought a reversal in tech leadership. Trading resource The Kobeissi Letter highlighted the extent of the drawdown in Micron Technologies, noting the stock was down more than 30% from its June 22 record high after falling sharply on the day, an observation it attributed to market action tracked via TradingView.
Kobeissi further pointed to retail investors taking profits after a strong tech run. In an X post, it cited sales activity around major single stocks—specifically naming Tesla and Apple—and said retail turnover in single stocks had risen to a record $370 billion, up from $220 billion earlier in 2026. The underlying takeaway for crypto traders is straightforward: when speculative equity flows cool, Bitcoin often feels it through correlation and sentiment.
Earlier Cointelegraph coverage had also framed the backdrop as Bitcoin speculators locking in gains after local highs, reinforcing the idea that Thursday’s hesitation wasn’t happening in isolation. When investors are already booking profits in both crypto and tech, breakouts tend to require more sustained confirmation.
BTC price action: traders focus on “rejection” near overhead resistance
With momentum easing, attention shifted from “breakout” narratives to whether BTC could hold above meaningful technical levels. Commentator Exitpump referenced an anchored volume-weighted average price (AVWAP) level tied to Bitcoin’s advance toward $82,000 in early May, arguing that a retest of that area could cap the rebound and increase the odds of further selling pressure.
Exitpump’s thesis was that price would likely revisit the AVWAP from the 82K top that preceded a strong local downtrend. In their words to X followers, such a retest “should cap the upside and give stronger rejection.” The practical implication for traders is that the market may be transitioning from trend-following to range-bound behavior, with participants watching specific supply zones where prior demand gave way.
Separately, trader and analyst Rekt Capital said BTC/USD was showing early signs of rejection from the 50-month exponential moving average (EMA) around $65,900. The emphasis on that level matters because long-term moving averages often act as “decision points” where trend narratives either resume or fail—especially when liquidity thins or risk appetite wobbles.
Rekt Capital also linked the current market rhythm to an earlier bear-market pattern observed in 2022. According to the same commentary, the timing of the next macro bottom would not arrive until later in the year, suggesting that near-term weakness may not automatically signal the end of the broader cycle—just a pause or retracement within it.
What to watch next: whether BTC can reclaim key technical levels
For now, the market’s immediate question is whether Bitcoin can reclaim and hold above the technical areas being cited—particularly the 50-month EMA region near $65,900 and the AVWAP-related zone tied to the $82,000 peak. If selling persists while equities remain volatile, BTC’s rebound could stay capped; if tech stabilizes and risk appetite returns, the “rejection” talk may fade quickly.
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