Bitcoin opens at two-week low as SpaceX-led tech rout deepens

SpaceX Post-IPO Slide Pressures Bitcoin Toward $60K Support

Bitcoin opened Wednesday at its lowest level in roughly two weeks, hovering near $62,660 after shedding value throughout the prior session as a global technology sell-off — led by SpaceX’s post-IPO rout — deepened risk-off sentiment across crypto markets.fortune

SpaceX Rout Rattles Risk Assets

SpaceX, which completed the largest IPO in history on June 12 at $135 per share, has lost more than $600 billion in market value over three trading sessions. The stock plunged 16% on Monday alone, its steepest single-day drop since listing, before briefly falling below its $150 debut price on Tuesday morning. The sell-off was triggered in part by the company’s announcement of its first bond issuance and concerns over approaching equity lock-up expirations.smartasset

The damage rippled across global equities. The Nasdaq Composite fell 1.3% on Tuesday to close at 26,166.6, while the S&P 500 shed 0.4%. In Asia, South Korea’s Kospi plunged nearly 10% as investors dumped chip heavyweights including Samsung and SK Hynix. Bloomberg reported that European tech stocks followed their U.S. and Asian peers into the red.cnbc

Bitcoin Tests Key Technical Levels

Bitcoin slid from an intraday high near $64,500 to a low of $61,990 on Monday before stabilizing around $62,000. The token has now fallen more than 50% from its October 2025 record high above $126,000.bitcoinmagazine

Analysts at crypto.news identified a confirmed bearish head-and-shoulders pattern on the four-hour chart, with a neckline break near $63,000 pointing to a measured-move target around $57,500. Spot Bitcoin ETFs have recorded six consecutive weeks of net outflows totaling roughly $6 billion, with $2.4 billion exiting in June alone, according to Bitcoin Magazine.crypto

Deutsche Bank attributed the broader weakness to a shift in Federal Reserve expectations, with the bank now forecasting two rate hikes in 2026 — reversing earlier expectations for cuts — which has removed a key pillar of institutional demand for risk assets.bitcoinmagazine

Competing for Speculative Capital

The confluence of macro headwinds and SpaceX-driven equity volatility has underscored Bitcoin’s persistent correlation with high-growth tech during stress periods. U.S. tech giants are on track to spend more than $700 billion on AI infrastructure in 2026, and investors increasingly treat Bitcoin and AI-linked equities as competing destinations for speculative capital. Coinbase fell 2.5% on Tuesday while stablecoin issuer Circle dropped more than 4%.bitcoinmagazine

Traders are now watching the $60,000–$60,600 zone as the next line of defense, with a breakdown risking a deeper correction toward $57,500.pluang