Bitcoin Fights to Hold $63K as US Chip Stocks Slide
Bitcoin retreated from two-week highs as US stocks fell and Bollinger Bands creator flagged BTC at a 'critical point.'
Bitcoin bulls are defending the $63,000 level Wednesday after the leading cryptocurrency pulled back from its highest prices in two weeks, a retreat that coincided with a broad selloff in US technology and semiconductor stocks, including Micron Technology, which was eyeing a drop of roughly 10%.
John Bollinger, the veteran technical analyst who created the widely followed Bollinger Bands indicator, publicly characterized Bitcoin's current price action as being "at a critical point" — language that signals traders are watching closely to see whether buyers can absorb selling pressure or whether momentum shifts decisively lower.
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The simultaneous weakness in chip stocks and crypto underscores the tightening correlation between digital assets and risk-sensitive corners of the equity market. When semiconductor names face sharp drawdowns, institutional investors who hold both asset classes often reduce exposure across the board, amplifying selling in Bitcoin and altcoins.
Micron's anticipated double-digit percentage decline added urgency to the broader market mood, as semiconductors are widely regarded as a bellwether for global technology demand and investor appetite for growth assets. A sustained drop in that sector can quickly spill into crypto sentiment, particularly when Bitcoin is already navigating technically sensitive price territory.
Whether Bitcoin can reclaim its two-week high or faces a deeper correction will likely depend on how US equity markets close and whether macro catalysts — including any fresh guidance on interest rates or trade policy — shift the risk landscape. Continue reading at Cointelegraph.
