Bitcoin Bulls Battle for $63K Amid Chip Stock Sell-Off

Bitcoin's price action cooled after reaching its highest point since June 22 at $64,660. The cryptocurrency is currently trying to hold above the $63,000 level.

The move lower in Bitcoin's price coincided with a correction in US stocks, led by chip companies such as Micron Technologies, which fell over 9% after its highly anticipated earnings last month.

BTC/USD was able to avoid a major comedown despite the sell-off in equities, thanks in part to recent net inflows into US spot Bitcoin exchange-traded funds (ETFs).

John Bollinger, creator of the Bollinger Bands volatility indicator, believes that a 'W'-shaped reversal pattern is currently being confirmed on daily time frames, which could potentially end up canceling out the BTC price downtrend altogether.