Bitcoin defies recent tech stocks sell-off. Are bulls eyeing a $70K rally?
Bitcoin showed relative strength over the week, briefly breaking above $65,000 even as tech stocks weakened and AI-related shares sold off. It has decoupled somewhat from traditional markets, but derivatives signal limited trader conviction for a move toward $70,000. Perpetual futures funding stayed neutral at 8%, well below levels associated with crowded bullish positioning, and 30-day options skew remained elevated at 13%, showing downside protection is still expensive. Risk aversion rose across markets as the Nasdaq-100 fell, 5-year Treasury yields climbed to 4.33%, and geopolitical tensions added pressure. Strategy eased Bitcoin-supply concerns by raising $263 million in cash, reducing worries about future BTC sales or balance-sheet stress. Overall, Bitcoin’s price resilience contrasts with cautious positioning, leaving a rally dependent on further weakness in AI/tech earnings or continued macro stress.
