Bitcoin came under pressure on July 25 as broader macro headwinds intensified, with the Nasdaq-100 falling to its lowest level since May 5 amid rising concern over heavy artificial intelligence spending by major technology companies.

The Bitcoin price declined 2.49% to $64,017, as tech-driven Nasdaq liquidations and a 4.71% yield on the US 10-year Treasury encouraged defensive profit-taking. Spot BTC exchange-traded funds recorded their weakest inflows in three weeks, attracting only $33 million as some buyers shifted toward bonds.

BTC is also testing an important 4-hour ascending trendline support. A loss of that slope would expose the psychological $60,000 level.

At the time of writing, the leading cryptocurrency was trading at $64,017.51, down 2.49% over the previous 24 hours. Daily trading volume reached $22.84 billion, according to CoinMarketCap data, pointing to increased selling pressure after BTC recently reached an intraday high near $66,900 on July 21.

Market caution has increased as Bitcoin shows a closer correlation with high-growth technology shares. That relationship matters because Bitcoin is increasingly traded through institutional products and macro portfolios, making shifts in equity risk appetite and bond yields more relevant to short-term crypto liquidity.

Technology stock sell-off weighs on crypto

TradingView data shows the Nasdaq-100 index closed its previous trading session at 28,128 points, marking an eleven-week low. The pullback in equities was driven by investor concern that large capital expenditures on AI infrastructure could reduce near-term corporate cash flows and increase debt burdens for major technology firms.

One example cited was Alphabet’s purchase of $94 billion worth of SpaceX stock during a June initial public offering, underscoring the scale of capital allocation in the technology sector.

Peter Andersen, Chief Executive Officer of Andersen Capital Management, commented on the move, saying:

“People are thinking, how do we make sense of all this spending, and how much more patient do we have to be before we actually see it translate to actual profits?”

That capital-preservation approach in traditional markets has encouraged more defensive positioning in digital assets, where traders have taken profits rather than maintain exposure to volatile assets. For crypto traders, weakness in technology shares can also tighten sentiment around assets perceived as duration-sensitive or liquidity-dependent, especially when Treasury yields are rising at the same time.

Institutional Bitcoin demand shows signs of slowing

Alongside the decline in equities, institutional demand channels for digital assets have shown signs of constraint. SoSoValue data shows that spot Bitcoin ETFs recorded just $33 million in net inflows during the week ending July 24. The total represented the weakest weekly capital intake for the products in three weeks.

The slowdown in allocation has coincided with a notable move in fixed-income markets. The US 10-year Treasury yield rose to 4.71%, its highest level since January 2025.

Higher yields on risk-free government bonds alter the opportunity cost of holding more volatile crypto assets. When government debt offers guaranteed yields at these levels, institutional allocators often reduce exposure to high-beta risk assets such as Bitcoin.

That kind of macro reallocation reduces the baseline liquidity available to support crypto spot prices during equity market drawdowns. Bitcoin’s retreat from its July 21 high near $66,900 indicates that market participants have favored cash or fixed-income safety over defending local support levels. As a result, the combination of technology stock liquidations and rising yields has produced a tactical retreat.

The ETF flow data remains important because spot products have become a visible gauge of institutional participation since their launch. Sustained inflows can help absorb spot supply, while weaker inflows leave price action more exposed to leveraged positioning and short-term trading flows.

Bitcoin technical levels in focus

On the 1-day chart, Bitcoin’s daily candle was printing at $64,017.51, placing the asset just below its yellow moving average ribbon line at $64,266.14. Longer-term overhead resistance remains defined by a higher red trendline at $77,301.64.

The Aroon indicator on the daily timeframe presents a mixed picture for longer-term momentum. The Aroon Up line is at 71.43%, while the Aroon Down line is at 14.29%. A key horizontal resistance level is located at $67,303.10, matching structural distribution zones from early June.

On the 4-hour chart, Bitcoin is testing a significant upward-sloping purple trendline that has acted as dynamic support since early July. The 4-hour Relative Strength Index has dropped to 35.85 and is trading below its yellow moving average line of 42.67, placing the asset close to oversold territory.

At the same time, the Moving Average Convergence Divergence indicator shows a bearish setup. The blue MACD line has crossed below the orange signal line, at -342.39 versus -155.51, while red histogram bars are expanding.

Immediate price action shows a cluster of sell orders around the 4-hour trendline, suggesting that short-term speculators are actively hedging spot exposure. Volume bars on shorter intervals have also increased during downward moves, indicating that the attempted breakdown is supported by active distribution rather than low-liquidity drift.

The combination of the negative MACD crossover and the break below the short-term moving average suggests sellers currently hold the near-term tactical advantage. If the daily close finishes below the ascending slope, the structure would shift from a standard corrective pullback toward a broader structural reversal.

Downside levels that could invalidate the bullish setup

If the ascending 4-hour trendline breaks conclusively on a daily closing basis, the primary bullish setup would face invalidation. In that scenario, a breakdown would expose the psychological support floor at $60,000, with a secondary structural horizontal support level lower at $60,688.54.

Further downside risk could come from cascading long liquidations in the derivatives market if the $63,000 level fails to hold. A breach of these major horizontal baselines would open the way for deeper retests of May lows, erasing the recovery momentum built over the past three weeks.

For now, the market focus is likely to remain on whether Bitcoin can reclaim the short-term moving average area near $64,266.14 and stabilize above the rising 4-hour trendline, while ETF flows and Treasury yields provide the main macro backdrop for risk appetite.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.