Bitcoin Sticks to $63,000 as John Bollinger Eyes a 'Critical Point' for BTC price

Bitcoin came off two-week highs while US stocks dipped and John Bollinger described BTC price action as "at a critical point."

Bitcoin (BTC) circled $63,000 after Tuesday’s Wall Street open as chip companies led a dip in US stocks.

Data from TradingView showed BTC price action cooling after a trip to $64,660 — its highest point since June 22.

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

BTC/USD surfed a comedown in US equities, with the S&P 500 and Nasdaq 100 down 0.6% and 2.1%, respectively, at the time of writing. Chip stocks led the sell-off, with Micron Technologies, whose earnings were highly anticipated last month, down over 9%.

Micron Technologies stock one-hour chart. Source: Cointelegraph/TradingView

At the same time, Tuesday was due to see SpaceX added to the Nasdaq 100 after its own stock turbulence in late June.

“This marks the fastest inclusion into the Nasdaq 100 in the index’s history,” trading resource The Kobeissi Letter noted in its latest commentary on X.

US spot Bitcoin ETF net flows (screenshot). Source: Farside Investors

Fresh from a second day of net inflows to the US spot Bitcoin exchange-traded funds (ETFs), BTC/USD managed to avoid a major comedown.

“Correlation to the Nasdaq just flipped to +0.72 from -0.87 in the matter of days last week,” trader Daan Crypto Trades reported on X.

BTC/USDT futures (Binance) four-hour chart. Source: Daan Crypto Trades/X

Commentator Exitpump was conservative on low time frames, expecting a “rounding topping structure” and further downside next.

“The next correction on S&P should mark the true $BTC bottom according to history,” trader Killa suggested .

S&P 500 chart data. Source: Killa/X

In recent X discussions , meanwhile, John Bollinger, creator of the Bollinger Bands volatility indicator, had some more positive news for Bitcoin bulls.

Related: Bitcoin can fall below $58K if one of its 'cleanest' metrics copies history: Analysis

As Cointelegraph reported , Bollinger was eyeing a “W”-shaped reversal pattern currently in the process of confirmation on daily time frames.

Last week, he queried whether its latest iteration could end up canceling the BTC price downtrend altogether.

“We are at a critical point,” he added on Monday.

BTC/USD one-day chart with Bollinger Bands. Source: John Bollinger/X

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