Bitcoin cooled alongside US equities on Thursday, reversing recent gains as sell-offs in key technology stocks shifted market sentiment. The flagship cryptocurrency hovered near $64,500, marking a 1.5% decline from three-week highs recorded the previous day.
Tech stock pullback impacts crypto and equities
US inflation readings—for both Consumer Price Index (CPI) and Producer Price Index (PPI)—came in lower than expected in June, initially providing momentum for both crypto and stocks earlier in the week. However, that positive trend faded as technology shares, a key component of broader equity rallies, faced increasing sell pressure.
Micron Technologies, a leading memory and storage solutions company, drew considerable attention after its shares plummeted 15% Thursday. Since peaking at a record high on June 22, Micron has now fallen over 30%.
Trading commentary from The Kobeissi Letter, a financial market analysis platform, observed a pattern of profit-taking among retail tech investors. According to Kobeissi, Tesla and Apple together saw retail sales reaching $200 million within the past two weeks. Meanwhile, total retail turnover in individual stocks climbed to a record $370 billion, up substantially from $220 billion at the start of 2026.
Mini dictionary: The Kobeissi Letter is a financial news and analysis publication focusing on real-time market data and trends for both institutional and retail investors.
Trading resource The Kobeissi Letter highlighted, “Micron is now down over 30% since its June 22 record high,” and noted that retail sales of Tesla and Apple reached $200 million over the last two weeks, with single-stock retail turnover hitting a record $370 billion.
| Company | Recent Decline | Retail Sales (2 weeks) |
|---|---|---|
| Micron Technologies | 30% from June 22 high | Not specified |
| Tesla | Not specified | $200 million (with Apple) |
| Apple | Not specified | $200 million (with Tesla) |
Bitcoin faces resistance at key technical levels
With equities losing momentum, Bitcoin struggled to break through resistance. Market participants observed increased selling activity as the BTC price approached the anchored volume-weighted average price (AVWAP) stemming from the $82,000 high reached in early May.
Pseudonymous crypto commentator Exitpump flagged the AVWAP level as significant, suggesting a retest would likely trigger a rejection for BTC, effectively capping the ongoing rebound. AVWAP is a technical indicator that helps traders gauge average asset price on a volume-weighted basis from a specific anchor point.
Mini dictionary: AVWAP stands for Anchored Volume Weighted Average Price, a technical indicator that calculates the average price of an asset based on both price and traded volume from a specific date or price level, useful for identifying support and resistance areas.
Exitpump outlined that “price is finally going to retest the AVWAP from the $82,000 top that led to a strong local downtrend. To me, such retest should cap the upside and give stronger rejection.”
Market analyst Rekt Capital maintained a cautious outlook, noting that BTC/USD was showing early signs of rejection from its 50-month exponential moving average (EMA) at $65,900. Rekt Capital compared the ongoing price action to the 2022 bear market and cautioned that a macro bottom may not emerge until later in the year.
As Bitcoin traders and analysts assess the next moves, many highlight a growing sense of caution, especially as profit-taking and technical barriers continue to limit upward momentum in both crypto and equities.
