Bitcoin has dropped over 8% from its June high near $67,255, and the $60,000 support level is back in play. The SpaceX-led tech market rout is dragging risk assets lower, with speculative names getting hit hardest.
SpaceX’s post-IPO run has erased over $600 billion in market value. The company priced its IPO at $135 per share earlier in June, raising $75 billion. Shares opened near $150, climbed to a peak of $211.39 on June 16, then dropped roughly 27% from that high. The Nasdaq 100 futures fell more than 3% on Tuesday, with chip stocks like Intel, AMD, Micron, and SanDisk leading the decline.
Bitcoin typically trades like a liquidity-sensitive risk asset during market stress. When investors cut exposure to expensive tech names, crypto usually faces similar selling pressure. Analyst Nehal said there’s a high probability of Bitcoin falling under $60,000 if it breaks below $62,200.
On the technical side, Bitcoin’s four-hour chart shows a potential head-and-shoulders pattern. The left shoulder formed near $64,500, the head near $67,000, and a lower right shoulder near $65,000. The neckline sits around $61,000-$62,000. A decisive close below that range would confirm the bearish setup, with a measured downside target near $55,000-$56,000.
That said, BTC’s bullish structure remains intact as long as it holds above $60,000. Some analysts see a path back above $81,000 over the next few months.
