Bitcoin stayed volatile while bulls tried to preserve support at local lows while stocks prepared for Micron forward earnings and digested Asia losses.
Bitcoin (BTC) stayed uncertain at Tuesday’s Wall Street open as US stocks responded to an earlier Asia tech sell-off.
Data from TradingView showed indecisive BTC price moves on low time frames with $62,500 now a focus.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Asia market weakness sparked two dips below the $62,000 mark on the day, with equities seeing major losses. The US reaction was less intense, with the S&P 500 and Nasdaq Composite Index down 1% and 1.3%, respectively, at the time of writing.
S&P 500 one-hour chart. Source: Cointelegraph/TradingView
Discussing the current landscape, trading resource The Kobeissi Letter added expectations over tech giant Micron Technologies' Q3 earnings guidance to the volatility mix, this due out on Wednesday.
“Speculation over Micron's earnings is a key factor driving this volatility,” it wrote in a post on X.
Micron Technologies stock one-day chart. Source: Cointelegraph/TradingView
Kobeissi attributed Korea’s market drop to legal concerns over unrealized gains, as well as increased leveraging among traders.
“The result is amplified volatility in both directions, which also explains why the S&P 500 is already up +60 points from its opening low,” it added.
VIX volatility index one-day chart. Source: Cointelegraph/TradingView
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