Cryptocurrencies Fall Across the Board as Bitcoin Drops Below $63,000

TradingKey - Memory concept stocks rallied collectively, while cryptocurrencies generally fell, facing pressure for further downside.

On August 14 Eastern Time, U.S. tech stocks continued to rebound and strengthen in pre-market trading, with S&P 500 futures rising 0.08% and Nasdaq futures gaining 0.18%. The best-performing sector was memory chips, with SanDisk (SNDK) up over 6%, Micron Technology (MU) and Western Digital (WDC) both up about 3%, and SK Hynix (SKHY) and Silicon Motion (SIMO) up roughly 2%.

In contrast, the crypto market continued to fluctuate lower, with major coins generally falling. Among them, Bitcoin (BTC) fell nearly 1%, dropping below the $63,000 mark; Ethereum (ETH) dipped slightly, losing the $1,900 level; while BNB (BNB), XRP (XRP), and Solana (SOL) all posted varying degrees of losses.

Price movements of the top 10 cryptocurrencies by market cap, Source: TradingView

Currently, Bitcoin price is heading toward the $62,000 mark, which is the midpoint of the range-bound oscillation ($58,000-$67,000) over the past two months, where bullish defense may not be very strong. If BTC price falls further and loses this level, it will seek the next support level at $58,000, a low set this year that is expected to trigger a bullish counterattack.Bitcoin price chart, Source: TradingView