Bitcoin is holding the $63,000 level and searching for direction even as U.S. stock selling pressure led by chip shares weighs on markets.

On July 7 (local time), Cointelegraph reported bitcoin traded around $63,000 after Wall Street opened. It earlier rose to $64,660, its highest level since June 22.

A key variable for markets was weakness in U.S. stocks. The S&P 500 fell 0.6 percent and the Nasdaq 100 dropped 2.1 percent. Semiconductor shares led the selling. Micron Technology, which had drawn strong earnings expectations last month, slid more than 9 percent. The pullback in U.S. tech shares intensified, but bitcoin did not extend into a sharp drop.

Spot bitcoin exchange-traded fund (ETF) flows were in the background. Spot bitcoin ETFs posted net inflows for a second straight day, helping bitcoin avoid a steep decline despite weakness in U.S. stocks.

Some in the market also said the correlation between bitcoin and tech shares has quickly risen again. Crypto trader Dan Crypto Trades (단 크립토 트레이즈) said the correlation with the Nasdaq flipped from -0.87 to +0.72 over several days last week.

Some also urged caution on short-term charts. Market commentator Exitpump (엑시트펌프) warned of further downside, saying a “rounding top structure” could emerge in lower time-frame moves. Trader Killa (킬라) said the next S&P 500 correction could be the zone that confirms bitcoin’s real bottom if past patterns hold.

Others see a chance of a technical rebound. John Bollinger (존 볼린저), the creator of Bollinger Bands, sees a W-shaped reversal pattern in the daily chart at a confirmation stage. He previously said he was watching whether the recent pattern could invalidate bitcoin’s downtrend itself, and said earlier this week that the current price is a “major inflection point.”

SpaceX’s expected inclusion in the Nasdaq 100 was also cited as a factor affecting investor sentiment toward U.S. tech shares. Research firm The Kobeissi Letter (더 코베이시 레터) called it the fastest inclusion in Nasdaq 100 history. In the bitcoin market, ETF inflows and technical trends appear to be more direct drivers than stock-market events.

In the short term, the key levels are whether $63,000 holds and whether bitcoin can retake the $64,660 high. How quickly U.S. stocks stabilise after the semiconductor shock and whether spot ETF net inflows continue remain variables for bitcoin’s next move.

$BTC Watching rejection from 4h EMA200, expecting compression and rounding topping structure. Failure to hold 30D RVWAP (blue trendline) will confirm bearish bias. pic.twitter.com/AochGpfFnz