Bitcoin (BTC) retreated from peaks achieved over the preceding two weeks as American stocks experienced a downturn, leading technical analyst John Bollinger to characterize the cryptocurrency's price movement as being "at a critical point."

Following the commencement of trading on Tuesday across Wall Street, Bitcoin hovered around the $63,000 level, concurrently with a broad decline in US equities dominated by semiconductor companies.

Information gleaned from TradingView indicated that BTC's price momentum moderated after it had briefly touched $64,660, representing its highest valuation since June 22nd.

The BTC/USD pair experienced a downturn mirroring the decline in US equity markets; at the moment of this writing, the S&P 500 had fallen by 0.6% and the Nasdaq 100 index was down 2.1%. Semiconductor stocks spearheaded this sell-off, with Micron Technologies—a company whose financial results were highly anticipated last month—seeing its stock value drop by more than 9%.

Simultaneously, Tuesday was scheduled to mark the addition of SpaceX's stock to the Nasdaq 100 index, following its own share price volatility observed late in the month of June.

The trading resource known as The Kobeissi Letter observed in its most recent analysis shared on X that this event signifies "the fastest inclusion into the Nasdaq 100 in the index’s history."

Despite this negative pressure from equities, BTC/USD managed to prevent a steep fall, benefiting from a second consecutive day recording net inflows into US spot Bitcoin exchange-traded funds (ETFs).

Trader Daan Crypto Trades posted on X that the market correlation between Bitcoin and the Nasdaq "just flipped to +0.72 from -0.87 in the matter of days last week."

Conversely, commentator Exitpump expressed caution regarding short-term charts, anticipating the formation of a "rounding topping structure" that could precede further downward movement.

In historical context, trader Killa suggested that "the next correction on S&P should mark the true $BTC bottom according to history."

Meanwhile, John Bollinger, the creator of the Bollinger Bands volatility indicator, offered more optimistic projections for supporters of Bitcoin during recent discussions on X.

As previously reported by Cointelegraph, Bollinger observed what appears to be a "W"-shaped reversal pattern currently nearing confirmation on daily charting periods.

Last week, Bollinger raised the question of whether this latest pattern iteration could completely nullify the existing downtrend for BTC's price.

He concluded his statement on Monday by asserting, "We are at a critical point."