Bitcoin could not maintain its accelerated rise on Thursday after inflation data in the USA came in below expectations. BTC price traded around $64,500 as momentum in the cryptocurrency market weakened amid selling pressure in technology stocks. This level marked a 1.5% pullback from the three-week high recorded a day earlier.
Selling pressure in technology stocks was effective
The fact that both the Consumer Price Index and Producer Price Index data for June in the USA were below expectations supported purchases in both stocks and crypto assets in the first stage. However, the deepening sales in technology stocks on Thursday limited risk appetite.
Micron Technologies stock, which is closely watched by the market, decreased by 15% during the day. The Kobeissi Letter, an analysis publication known for its financial market commentary, reported that Micron stock has fallen more than 30% since its record high on June 22.
The Kobeissi Letter states that small investors have turned to profit-taking in technology stocks, and a total of $200 million has been sold in Tesla and Apple shares in the last two weeks.
The same source pointed out that the total individual investor transaction volume in single stocks broke a record, rising from 220 billion dollars at the beginning of 2026 to 370 billion dollars. This chart showed that the profit-taking trend was not limited to just a few stocks.
Resistance zone stands out in Bitcoin
On the Bitcoin side, the short-term outlook remained cautious. The fact that short-term investors who bought during the last rise took profits at local peaks was among the factors suppressing the price movement. For this reason, market participants took a more cautious stance regarding the permanence of the recent recovery.
Market commentator Exitpump said that the anchored volume-weighted average price level calculated from Bitcoin’s rise to $82,000 in early May constitutes an important threshold for the current recovery.
Mini dictionary: Anchored volume-weighted average price is a technical indicator that shows the volume-weighted average price starting from a certain starting point. Analysts use this level to monitor support or resistance zones more clearly.
Exitpump highlights that the price has retested the AVWAP level calculated from the $82,000 top zone, which could limit the upside and a stronger rejection could be seen.
Analyst Rekt Capital also argues that BTC/USD is showing the first signs of rejection from the 50-month exponential moving average at $65,900. While Rekt Capital argues that the current price structure is similar to the outlook in the 2022 bear market, it points out that the next macro bottom zone may occur later in the year.
