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

Bitcoin ↘ 0.27% 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+1

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+6

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+3

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+2

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+1

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 ↘ 1.57% 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+1