Bitcoin: Outperforms Semis by 21.7 Points Since June Peak

Bitcoin has outperformed semiconductors by 21.7 percentage points since the June 22 peak, with BTC gaining 2.5% while $SOX fell 19.2% even as relative Bitcoin ETF flows reversed sharply versus $SMH. Price sits at $64612.16 inside the Bollinger Bands on the 4h chart, testing upper resistance at $65452.93 while the EMA50 at $64822.04 caps upside and the EMA200 at $63932.82 anchors longer-term support; the MACD golden cross at -3.77 signals building momentum despite the neutral RSI at 45.92, suggesting any extension higher will likely meet resistance at the upper band before a measured pullback to the 50-EMA confluence.