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Bitcoin charts indicate a potential decline to $103,800, with a possibility of dropping below $100,000 in the near future.
There are worries that the expansion of capital expenditures by major tech firms for AI infrastructure indicates a market driven by speculation.
Bitcoin’s (BTC) end-of-month sell-off intensified, dropping to $107,328 shortly after the markets opened in New York, hitting an intraday low of $106,800. This movement reflects a minor weakness in U.S. stock markets, where both the S&P 500 and Nasdaq showed slight losses, despite Big Tech’s third-quarter earnings exceeding expectations.
The prominent players, Meta and Microsoft, experienced declines of 10% and 3% in their stock prices, as investor skepticism regarding AI investments overshadowed their favorable earnings. Meta has increased its capital expenditure on AI to the range of $70 billion–$72 billion, while Alphabet anticipates up to $93 billion in CAPEX for its AI initiatives.
The market also seems unconvinced by President Trump’s optimistic remarks regarding his trade meeting with Chinese President Xi Jinping. Aside from a reduction in tariffs related to fentanyl and China postponing its ban on rare earth exports for a year, few specifics have emerged about the conversation or any resulting agreements, leaving the U.S.-China trade tensions looming as a significant risk for investors.
Related: Bitcoin faces ‘20-30%’ decline as crypto markets liquidate $1.1B in 24 hours.
Bitcoin’s underwhelming price activity is certainly an unexpected situation for investors who anticipated a rally to range highs contingent on a Trump-China trade agreement, as well as a 25 basis point interest rate cut by the Federal Reserve and the conclusion of quantitative tightening by the end of October.
Currently, the prevailing direction for Bitcoin appears to be downward, with Hyblock’s liquidation heatmap revealing the nearest liquidity at $103,800.
The one-month lookback, covering longer-held positions, reveals long liquidity levels at $100,500 and $98,600.
This article does not provide investment advice or recommendations. Each investment and trading decision carries risks, and readers are encouraged to conduct their own research before making choices.
