Bitcoin Gains Run Out of Steam as Traders Warn of Rejection Next

Bitcoin (BTC) cooled off with US stocks on Thursday as tech selling tempered gains from low inflation.

Key points:

• Bitcoin follows US stocks as they come off local highs sparked by bullish US inflation data.
• Tech sell pressure contributes to slowing momentum as retail investors take profits.
• The BTC price rebound is seen rejecting at overhead resistance.

Tech selling puts the brakes on crypto, risk-asset upside

Data from TradingView showed BTC/USD circling $64,500, down 1.5% from its three-week highs seen the day prior.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

These had accompanied two straight days of lower-than-expected US inflation data, with both the Consumer Price Index (CPI) and Producer Price Index (PPI) dropping in June.

While crypto and equities initially gained, tech stocks came under pressure on Thursday, with the closely-watched Micron Technologies down 15%.

“Micron is now down over -30% since its June 22nd record high,” trading resource The Kobeissi Letter commented in a response on X.

Micron Technologies one-day chart. Source: Cointelegraph/TradingView

Kobeissi additionally noted profit-taking in action by retail tech-stock investors, with sales of Tesla and Apple hitting $200 million over the past two weeks.

“Meanwhile, the total retail turnover in single stocks rose to a record $370 billion, up from $220 billion at the start of 2026,” it continued. 

“Retail investors are locking in gains following a historic tech rally.”

Retail investor equity sales data. Source: The Kobeissi Letter/X

Earlier, Cointelegraph reported on Bitcoin speculators cashing in on the recent local highs.

“Rejection” becomes new BTC price keyword

Turning to BTC price action itself, the mood among market participants remained conservative on the day.

Related: Bitcoin $107K buyers providing ‘early signals’ of 2026 bear-market bottom: Glassnode

Commentator Exitpump flagged anchored volume-weighted average price (AVWAP) as measured from Bitcoin’s run to $82,000 in early May, as the level to end the current rebound.

“Price is finally going to retest the AVWAP from 82K top that lead to strong local downtrend. To me such retest should cap the upside and give stronger rejection,” they told X followers.

BTC/USD four-hour chart. Source: Exitpump/X

Trader and analyst Rekt Capital argued that BTC/USD was “showing initial signs of rejection” from its 50-month exponential moving average (EMA) at $65,900.

Rekt Capital reiterated the concept of current price behavior copying the 2022 bear market, having already warned that the next macro bottom would not come until later in the year.