Daily Market Update: Stocks Bounce on Micron Earnings But Crypto Gets Left Behind — Here’s Why

TLDR

• Bitcoin fell to $59,200 before recovering to around $60,700, down 5.4% on the week
• Ether, XRP, Solana, Dogecoin, and HYPE all posted steep weekly losses; Tron was the only major gainer
• Micron jumped ~15% after crushing earnings forecasts, lifting Nasdaq 100 futures 1.8%
• Qualcomm announced a push into data center chips, targeting $15 billion in new AI-related revenue
• Analysts warn Bitcoin near its 200-week moving average, a level historically linked to prolonged downturns

Bitcoin dropped below $60,000 this week as ETF outflows and a hawkish Federal Reserve weighed on crypto markets, even as AI stocks bounced back sharply on strong Micron earnings.

Bitcoin Slides While Crypto Majors Take Losses

Bitcoin fell to roughly $59,200 on Wednesday before recovering to around $60,700 on Thursday. That still left it down 2.9% in 24 hours and 5.4% for the week, according to CoinDesk data.

The losses were wider across the rest of the market. Ether dropped 2.8% to $1,616, posting a 7.9% weekly loss. XRP fell to $1.07, down 9.2% on the week. Solana slid to $68.

Dogecoin and Hyperliquid’s HYPE were the hardest hit over seven days, falling 11.9% and 11.7%. Tron was the only major token to finish the week higher, up 1.9%.

Alex Kuptsikevich, chief market analyst at FxPro, pointed to three main pressures: continued outflows from U.S. spot Bitcoin ETFs, the Federal Reserve’s hawkish stance, and a U.S. dollar that hit a seven-month high.

A stronger dollar tends to make Bitcoin more expensive for foreign buyers and pulls money away from risk assets.

Kuptsikevich also flagged that Bitcoin is hovering near its 200-week moving average. The last three times Bitcoin touched that level, weakness lasted around nine months in 2015, six months in 2018, and roughly six quarters after the 2022 crash.

FxPro said the pattern suggests a possible crypto winter rather than a quick bounce.

The analyst sees $61,800 to $62,000 as the next key test. If that level fails, $55,000 is a plausible cycle low. Kuptsikevich advised traders to focus on risk management rather than chasing direction.

Micron and Qualcomm Lift AI Stocks

While crypto struggled, tech stocks got a boost. Micron jumped around 15% in premarket trading after its quarterly results beat Wall Street estimates by a wide margin. Its outlook also came in stronger than expected, pointing to healthy demand for memory chips used in AI systems.

Nasdaq 100 futures rose 2.2% and S&P 500 futures gained 0.8%. The Dow Jones futures edged up 0.1%.

Qualcomm also lifted sentiment. The company announced plans to move into data center products including chips and servers, targeting $15 billion in new AI-related revenue. Its stock rose over 12%.

The rally in tech did not carry over into crypto. Crypto is now falling on its own set of problems, ETF outflows and weak demand, that a stock market rebound could not fix.

Markets are now watching Thursday’s Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, for clues on interest rate direction.

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