- Bitcoin traded near $63,000 after reaching a two-week high of $64,660 as US equities declined.
- Chip stocks led the sell-off with Micron Technologies dropping over 9%, while SpaceX joined the Nasdaq-100.
- John Bollinger identified a “W” pattern that could confirm a trend reversal for Bitcoin.
Bitcoin (BTC) traded near $63,000 on Tuesday after the Wall Street open, having reached a two-week high of $64,660 before cooling as US equities declined. Data from TradingView showed the S&P 500 and Nasdaq 100 falling 0.6% and 2.1% respectively, led by chip stocks.
Micron Technologies dropped over 9% on the day, while SpaceX was added to the Nasdaq 100 in what The Kobeissi Letter called “the fastest inclusion into the Nasdaq 100 in the index’s history,” according to commentary on X. US spot Bitcoin ETFs saw a second day of net inflows, helping BTC/USD avoid a major comedown.
Trader Daan Crypto Trades noted on X that the correlation between Bitcoin and the Nasdaq flipped to +0.72 from -0.87 in a matter of days. “That’s the difference between trading like a complete hedge/inverse and trading like a high beta tech stock,” he said.
Commentator Exitpump expected a “rounding topping structure” and further downside, while trader Killa suggested on X that the next S&P correction should mark the true Bitcoin bottom.
John Bollinger, creator of the Bollinger Bands indicator, shared a more optimistic view on X, identifying a “W”-shaped reversal pattern on daily time frames. “We are at a critical point,” he said, adding that a successful pattern would confirm a trend change.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
