Bitcoin Slumps to $62,500 as SK Hynix Rout Weighs on Risk Assets

Bitcoin's price dipped more than 2% to $62,500 on Monday as technology stocks and risk assets declined alongside SK Hynix's rout. The South Korean chipmaker, a key supplier of high-bandwidth memory for Nvidia, saw its US-listed shares plummet roughly 8%. This synchronized drop in Bitcoin and semiconductor stocks reflects a broader pullback from risk assets.

Traders are cautious ahead of Wednesday's US core inflation data, which could strengthen expectations that the Federal Reserve will keep interest rates elevated or consider further tightening. A hotter-than-expected reading may add pressure on cryptocurrencies and growth-oriented stocks.

The four-hour chart shows Bitcoin's rising wedge breakdown, a bearish reversal pattern that formed when price climbed between two converging trendlines. The breakdown puts the measured downside target near $58,570 in focus, roughly 7% below current levels.