BlockBeats news, on July 17, Bitcoin declined along with U.S. equities on Thursday, trading around $64,500, down approximately 1.5% from the three-week high set the previous day. Earlier, lower-than-expected U.S. June CPI and PPI data briefly boosted cryptocurrency assets and U.S. stocks, but tech stocks subsequently faced selling pressure.
Micron Technology has experienced a cumulative drawdown of more than 30% from its historical high on June 22. The Kobeissi Letter noted that retail investors are cashing in on gains in tech stocks, with net sell-offs of Tesla and Apple each reaching $2 billion over the past two weeks, while total retail individual stock trading volume rose to a record $370 billion.
Regarding Bitcoin’s price movement, market participants remain cautious. Exitpump noted that Bitcoin is testing the anchor volume-weighted average price calculated from its May high of $82,000, a level that may cap this rally and trigger stronger resistance.
Rekt Capital noted that Bitcoin has shown initial signs of resistance near the 50-month exponential moving average at $65,900 and continues to believe the current price action may mirror the 2022 bear market, with the next macro bottom potentially not occurring until later this year.