Bitcoin slips as tech stocks cool after inflation-driven rally

Bitcoin pulled back Thursday as US stocks gave up some of their inflation-driven gains, a reminder that crypto can still trade like a risk asset when equity markets wobble. For everyday investors, the move tied Bitcoin’s latest rally less to crypto-specific news and more to the same profit-taking hitting big tech shares.

TradingView data showed BTC/USD near $64,500, about 1.5% below the three-week high reached a day earlier, according to Cointelegraph. The retreat followed two days of softer-than-expected US inflation reports for June.

The Consumer Price Index, or CPI, tracks prices paid by consumers. The Producer Price Index, or PPI, tracks prices received by producers. Both came in lower than expected for June, Cointelegraph reported, initially helping crypto and stocks rise as investors took the data as friendlier for risk assets.

Tech selling weighs on the mood

That momentum slowed as technology shares came under pressure Thursday. Micron was down 15% on the day, according to Cointelegraph, adding to a broader chip-stock sell-off.

Market commentary account The Kobeissi Letter said on X that Micron had fallen more than 30% from its June 22 record high. The group also pointed to retail investor selling in major tech names, saying sales of Tesla and Apple shares reached $200 million over the past two weeks.

Kobeissi said total retail turnover in single stocks rose to a record $370 billion, up from $220 billion at the start of 2026, and described the move as retail investors locking in gains after a strong tech rally.

That matters for Bitcoin because the token has often moved with high-growth equities during periods when investors are reacting to macroeconomic data. When traders reduce exposure to tech, crypto can lose momentum even if the original economic catalyst, in this case cooler inflation, remains supportive for market sentiment.

Traders watch resistance near current levels

Several crypto market watchers also flagged Bitcoin’s chart as a reason for caution. Resistance means a price zone where sellers have recently been strong enough to slow or reverse a move higher.

Commentator Exitpump said on X that Bitcoin was retesting an anchored volume-weighted average price from its early May run to $82,000. Anchored volume-weighted average price, or AVWAP, is a trading measure that estimates the average price paid since a chosen starting point, weighted by volume. Exitpump said that level could limit the current rebound and produce a stronger rejection.

Trader and analyst Rekt Capital also said BTC/USD was showing early signs of rejection at its 50-month exponential moving average, which they placed at $65,900. An exponential moving average gives more weight to recent prices and is used by traders to track trend direction.

Rekt Capital has also argued that Bitcoin’s current behavior resembles its 2022 bear-market pattern, Cointelegraph reported, and previously suggested the next major bottom would come later in the year.

Bitcoin was quoted at $64,326.53 in market data included with the report, down 1.14%. Ether was listed at $1,874.69, down 2.50%, while Solana was shown at $76.05, down 2.12%.

This story draws on original reporting from Cointelegraph.