Bitcoin bulls are fighting to avoid a deeper drop below local lows as US stocks stay volatile. The crypto market is digesting losses from Asia and bracing for key earnings data.
BTC price action has been indecisive on low timeframes, with $62,500 emerging as a key focus point. Asia market weakness triggered two dips below $62,000 on the day, with equities taking major losses. The S&P 500 and Nasdaq Composite were down 1% and 1.3% respectively at the time of writing.
Micron Technologies’ Q3 earnings guidance, due Wednesday, is adding to the volatility. Trading resource The Kobeissi Letter noted that speculation over Micron’s earnings is a key factor driving market swings. The chip giant’s stock is now worth over $1.2 trillion and has been fueling a momentum-driven rally heavily dependent on sentiment.
Rolling crypto liquidations have passed $1 billion over 24 hours, according to CoinGlass data. Trader Daan Crypto Trades commented that $65,000 didn’t hold, which quickly moved price down to grab liquidity below $62,000.
Despite the near-term pressure, the broader AI narrative has only strengthened. Kobeissi noted that market volatility is normal after the run-up we’ve seen, and the S&P 500 was already up 60 points from its opening low.
