Bitcoin slips below $60,000 as SpaceX rout shakes tech markets
In brief
- Bitcoin dropped 8% from June high near $67,255 amid tech market rout
- SpaceX shares fell 27% from $211.39 post-IPO peak, erasing $600 billion in value
- Nasdaq 100 futures fell 3%, tracking toward $1 trillion market cap loss
- Technical analysts flag head-and-shoulders pattern with $55,000–$56,000 downside targets
Tech Rout Weighs on Risk Assets
SpaceX's post-IPO rout erased over $600 billion in market value in recent trading. The Elon Musk-led company priced its IPO at $135 per share in June, raising $75 billion at an implied valuation of roughly $1.77 trillion. Shares opened near $150 and climbed to a post-IPO peak of $211.39 on June 16, but have since dropped roughly 27% from their peak.
The damage ripples across equities markets. Nasdaq 100 futures fell more than 3% on Tuesday, putting the index on track to erase over $1 trillion in market value. Chip stocks including Intel, AMD, Micron and SanDisk dropped sharply during the sell-off.
Bitcoin's Technical Picture Deteriorates
Bitcoin typically trades like a liquidity-sensitive risk asset during market stress.
Bitcoin's four-hour chart shows concerning technical signals. A potential head-and-shoulders pattern has formed, with the neckline sitting around the $61,000–$62,000 area. If Bitcoin breaks below this level, analyst Nehal warned that there's a high probability of Bitcoin falling under $60,000 if it breaks below $62,200. The measured downside target sits near $55,000–$56,000.
Still, Bitcoin's longer-term structure isn't broken yet. BTC's bullish structure remains active as long as it holds above $60,000, with the possibility of returning above $81,000 over the next few months. The key question now is whether the $60,000 level can hold as equity volatility continues to grip markets.
