Chip Stocks Fuel US Rebound as Bitcoin Breaks Above $65K

The US market rebounded on July 22 due to strong performances in chip stocks. SanDisk, Western Digital, and Micron Technology saw significant gains of over 12%, as investors focused on AI investment themes.

Rising energy and geopolitical risks pushed crude oil and precious metals higher due to ongoing tensions between the US and Iran. The conflict has also fueled concerns about inflation, causing a 5.7 basis point increase in the 2-year Treasury yield.

In the crypto market, Bitcoin broke above the $65,000 resistance level and advanced toward $66,800, extending its consolidation uptrend. Short-term bullish momentum strengthened noticeably as BTC entered the $67,000 resistance zone.