Bitcoin Slips As Tech Stocks Reverse And Micron Losses Deepen Past 30%

Bitcoin dropped 1.5% from its three-week high on Thursday, trading near $64,500 after briefly touching above $65,600 the day before. The pullback tracked a reversal in US equities, where tech stocks gave up gains built on cooler-than-expected inflation data.

Micron Technology led the retreat, falling 15% on the day. The chipmaker's stock is now down more than 30% since its record high on June 22, according to trading resource The Kobeissi Letter. Micron had been a bellwether for the broader tech rally through June, and its slide has become a proxy for fading confidence in that trade.

How We Got Here

The rally that lifted both stocks and Bitcoin traces back to two straight days of soft US inflation prints. The Consumer Price Index and Producer Price Index both came in below forecasts for June, easing worries about persistent price pressure. Markets read this as room for the Federal Reserve to ease later this year, and risk assets responded with gains across the board.

Bitcoin rode that wave to $65,471 on Wednesday, its highest level in three weeks. Ethereum moved even faster, climbing over 4% and drawing comments from strategists who see it as an increasingly attractive way to bet on a crypto rebound. That optimism has now cooled.

Retail Investors Are Cashing Out

The tech sell-off on Thursday was not driven by new bad news. Instead, it reflects retail investors taking profits after a long run higher. Kobeissi data show retail sales of Tesla and Apple stock reached $200 million over the past two weeks alone.

Total retail turnover in single stocks hit a record $370 billion, up from $220 billion at the start of 2026. Kobeissi described this as investors locking in gains following a historic tech rally, not a sign of panic selling. The distinction matters: this looks like a rotation out of winners, not a flight from risk.

Cointelegraph had already reported Bitcoin speculators taking similar action, cashing in on the recent price highs before this latest dip.

Where Bitcoin Stands Technically

Bitcoin's own chart shows a familiar pattern. The rebound from July's lows is running into resistance near levels traders have flagged as decision points. Analyst Rekt Capital pointed to the 50-month exponential moving average around $65,900, saying BTC/USD is showing early signs of rejection there.

Separately, commentator Exitpump highlighted the anchored volume-weighted average price measured from Bitcoin's May run to $82,000. That level, they argued, should cap the current bounce and could trigger a stronger pullback once tested.

Rekt Capital has also compared current price action to the 2022 bear market, arguing the real macro bottom will not arrive until later in the year. This view has circulated for weeks and adds context to why some traders remain cautious even as headline prices climb.

The Broader Sentiment Picture

Data from CoinStats shows Bitcoin sentiment sitting in a fragile spot. The Fear and Greed Index improved from 20 to 26, still firmly in fear territory rather than neutral. Bitcoin ETFs saw $4.13 billion in outflows over the past 30 days, with only a token $10 million inflow on the day itself.

Retail positioning also looks cautious, with 54% of traders net long, below the 30-day average of 62.9%. Social media volume around Bitcoin sits at a two-year low of roughly 41,800 daily comments, a sign the market lacks the euphoria typical of stronger rallies.

Glassnode's on-chain metrics reinforce this caution. Falling spot and futures volume, combined with weak blockchain activity, have not confirmed a trend reversal despite the week's price gains. Analysts describe the recent strength as a mix of inflation relief, geopolitical factors, and a rebound in Korean trading, rather than a durable shift in demand.

What This Means Going Forward

The setup leaves Bitcoin caught between two forces. Softer inflation data provides a fundamental tailwind that could support further gains if the Fed signals rate cuts. But technical resistance near $65,600 to $65,900, combined with profit-taking across both stocks and crypto, creates real friction for any near-term breakout.

Traders should watch whether Bitcoin can close decisively above the 50-month EMA. A failure there, paired with continued tech-stock weakness, would support the case that this rebound is a pause within a longer downtrend rather than its end. A clean break higher would challenge that narrative and open the path toward the $70,000 region some forecasters have floated for later in July.