EL7.AI
CryptoUpdated×2•Originally published 7 July 2026•Updated 8 July 2026•
1 min read

Bitcoin Breaks Below $63K as Technical Pressure Mounts Toward New Support Levels

Key Facts

1Bitcoin price pulled back from two-week highs to test the $63,000 support level.
2Micron stock eyes a 10% drop amid a broader sell-off in the US semiconductor sector.
3Technical analyst John Bollinger described BTC price action as being at a critical point.

Bitcoin has retreated below key support levels to trade at $62,615, as price action faces mounting pressure from major moving averages and the MACD indicator. According to reports, analysts are now eyeing $61,980 as a critical support level, a breach of which could accelerate a decline toward the $58,000 mark. This downward momentum coincides with a broader sell-off impacting US technology and semiconductor equities.

The decline reflects a sustained correlation with the chip sector, where Micron (MU) was priced at $921.40 (July 07, 2026) per market data. In comparison to peers, industry giants like Nvidia have experienced similar volatility, with Goldman Sachs analysts noting in recent research that tech valuations are facing resistance as investors await fresh inflation and economic growth data.

Looking ahead, traders are monitoring whether Bitcoin can hold the $61,980 support to prevent a deeper correction, while MU stock recorded a session low of $891.66 on July 07, 2026. Regarding upcoming catalysts, the market remains focused on the US ADP Employment Change and the ISM Manufacturing PMI, events that could reshape monetary policy expectations and impact liquidity flows into digital assets.