Bitcoin came off two-week highs while US stocks dipped and John Bollinger described BTC price action as "at a critical point."
Bitcoin (BTC) circled $63,000 after Tuesday’s Wall Street open as chip companies led a dip in US stocks.
Data from TradingView showed BTC price action cooling after a trip to $64,660 — its highest point since June 22.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
BTC/USD surfed a comedown in US equities, with the S&P 500 and Nasdaq 100 down 0.6% and 2.1%, respectively, at the time of writing. Chip stocks led the sell-off, with Micron Technologies, whose earnings were highly anticipated last month, down over 9%.
Micron Technologies stock one-hour chart. Source: Cointelegraph/TradingView
At the same time, Tuesday was due to see SpaceX added to the Nasdaq 100 after its own stock turbulence in late June.
“This marks the fastest inclusion into the Nasdaq 100 in the index’s history,” trading resource The Kobeissi Letter noted in its latest commentary on X.
US spot Bitcoin ETF net flows (screenshot). Source: Farside Investors
Fresh from a second day of net inflows to the US spot Bitcoin exchange-traded funds (ETFs), BTC/USD managed to avoid a major comedown.
“Correlation to the Nasdaq just flipped to +0.72 from -0.87 in the matter of days last week,” trader Daan Crypto Trades reported on X.
BTC/USDT futures (Binance) four-hour chart. Source: Daan Crypto Trades/X
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