US Stock Sell-Off Drags Bitcoin Down, Micron Falls Over 30% from All-Time High

BlockBeats News, July 17th, Bitcoin fell back on Thursday along with the U.S. stock market, currently oscillating around $64,500, down about 1.5% from the three-week high set the previous day. Earlier, both U.S. June CPI and PPI came in lower than expected, driving a brief rise in cryptocurrency assets and U.S. stocks, but tech stocks later faced selling pressure.

Micron has retraced over 30% from its all-time high on June 22nd. The Kobeissi Letter stated that retail investors are cashing in on gains from tech stocks, with net sell-offs of $200 million each in Tesla and Apple over the past two weeks, while total retail single-stock trading volume has surged to a record $370 billion.

Regarding Bitcoin's price trend, market participants remain cautious. Exitpump indicated that Bitcoin is testing the anchored VWAP calculated from the May peak of $82,000, which could limit the current rebound and trigger stronger resistance.

Rekt Capital noted that Bitcoin showed initial signs of resistance near the 50-month moving average at around $65,900 and continues to believe that the current trend may mirror the 2022 bear market, with the next macro bottom possibly not until later this year.