Bitcoin Slides With SK Hynix Rout: Is $60K Next for BTC Prices?
Bitcoin Slides With SK Hynix Rout: Is $60K Next for BTC Prices?.
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Bitcoin ( BTC ) was down on Monday as traders awaited the core inflation data, due to release Tuesday, while assessing the worsening US–Iran ceasefire conditions.
The BTC/USD exchange rate dropped more than 2% to around $62,500 ahead of the European session, extending its retreat alongside technology stocks.
US-listed shares of South Korean chipmaker SK Hynix plunged roughly 8%, weighing on semiconductor stocks and pushing US equity futures lower.
SK Hynix is the world's second-largest memory-chip maker and Nvidia's ( NVDA ) main supplier of high-bandwidth memory, a critical component in AI accelerators.
The company controlled about 61% of the global HBM market in 2025, making its stock a key gauge of investor confidence in the AI hardware boom .
The synchronized losses in Bitcoin and semiconductor stocks reflected a wider pullback from risk assets.
Traders were also reducing exposure ahead of Wednesday's US core inflation report .
A hotter-than-expected reading could strengthen expectations that the Federal Reserve will keep interest rates elevated or consider further tightening, adding pressure on cryptocurrencies and growth-oriented stocks.
Meanwhile, worsening conditions surrounding the US–Iran ceasefire added another layer of uncertainty. Any renewed escalation could lift oil prices , revive inflation concerns, and further weaken demand for risk assets such as Bitcoin.
Bitcoin's four-hour chart shows a breakdown from a rising wedge, a bearish reversal pattern that forms when price climbs between two converging trendlines.
BTC slipped below the wedge's lower boundary near $63,500 and is now trading under both the 50-4H EMA (red) at $63,247 and the 200-4H EMA (blue) at $63,805.
The breakdown puts the wedge's measured downside target near $58,570 in focus, roughly 7% below current levels.
Momentum also favors sellers, with the relative strength index falling toward 41 and displaying room for further declines toward the oversold threshold reading of 30.
A recovery above $64,000 would weaken the bearish setup and reopen the path toward $65,000. Otherwise, the broader correction may continue into mid-July.
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