Tech stock profit-taking drags Bitcoin down 1.5%
A broad retail sell-off in technology stocks has pulled Bitcoin away from three-week highs, putting the cryptocurrency's recent rebound up against stiff technical resistance.
Bitcoin fell 1.5% to circle $64,500 on Thursday, retreating from three-week highs as a broad tech-driven equity sell-off spilled over into cryptocurrency markets. The reversal erased momentum that had briefly pushed crypto and stocks higher on the back of favorable US inflation prints.
Markets had initially rallied after both the Consumer Price Index and Producer Price Index came in lower than expected for June. However, the bullish sentiment quickly gave way to a sharp reversal in technology shares. As tech selling accelerated, Bitcoin’s upside stalled at a critical technical ceiling.
The equity pressure was heavily concentrated among major technology names. Micron Technologies dropped 15% on the day, bringing its total losses to more than 30% since reaching a record high on June 22. According to data from The Kobeissi Letter, retail investors have aggressively liquidated positions. Sales of Tesla and Apple reached $200 million over the past two weeks alone. Furthermore, total retail turnover in single stocks surged to a record $370 billion, a massive jump from $220 billion at the start of 2026. “Retail investors are locking in gains following a historic tech rally,” the trading resource noted.
For market professionals, the synchronized pullback highlights the ongoing tight correlation between digital assets and traditional tech equities. Bitcoin speculators were already cashing in on the recent local highs, and the equity weakness provided an additional headwind. The cryptocurrency is now faltering exactly at key resistance levels that traders have been monitoring.
Analyst Rekt Capital observed that Bitcoin is showing "initial signs of rejection" from its 50-month exponential moving average at $65,900. Commentator Exitpump also flagged the anchored volume-weighted average price from Bitcoin’s early May run to $82,000 as the likely limit for the current rebound. “Price is finally going to retest the AVWAP from 82K top that lead to strong local downtrend. To me such retest should cap the upside and give stronger rejection,” Exitpump told followers.
The broader macro outlook remains cautious among technical analysts. Rekt Capital reiterated that current price behavior continues to replicate the 2022 bear market, warning that a definitive macro bottom is unlikely to arrive until later in the year. Until equity markets stabilize, Bitcoin faces limited upside potential.
