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Bitcoin is back on the defensive, sliding below 73k in U.S. trading hours as renewed weakness across technology stocks weighs on risk sentiment. The bounce from Tuesday’s lows faded quickly reflecting broader macro pressure rather than crypto-specific stress. Price action remains orderly, with no signs of forced selling, but conviction on the bid side is clearly limited.
Equities are setting the tone. The Nasdaq 100 is lower again after yesterday’s selloff, led by another sharp leg down in software and AI-exposed names. Chipmakers added fuel to the move, with AMD dropping 17% after issuing a weaker-than-expected 2026 outlook.
Crypto-linked equities are feeling the spillover. Miners tied to AI infrastructure, including Hut 8, IREN, and Cipher Mining, are down more than 10%, mirroring the pressure in semis and data-center names. The move reinforces how closely parts of the crypto equity complex are trading as a proxy for broader tech and AI risk.
Macro data sent mixed signals. The ISM Services PMI held in expansion territory at 53.8, but private job growth disappointed sharply, with ADP reporting just 22k jobs added versus expectations near 48k. With the official jobs report delayed due to the government shutdown, uncertainty around growth and policy remains elevated. Some macro voices continue to argue markets may be underpricing the scale of potential Fed stimulus later in 2026.
From a market structure perspective, BTC holding the low-70s remains key. Failure to stabilize here keeps downside risk open, while any sustained recovery likely requires relief in equities and clearer signals on liquidity. For now, the environment favors patience and risk management, with markets still firmly in a defensive posture.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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