- Bitcoin slipped back toward $94K after failing to hold a breakout near $98K.
- Ethereum and major altcoins followed lower as broader markets weakened.
- Crypto mining stocks rallied, driven by AI infrastructure optimism.
Bitcoin has continued the selloff that began late Thursday, giving back a notable portion of this week’s early gains. During mid-morning US trading on Friday, BTC was hovering around $94,300, down roughly 1.3% over the past 24 hours after a similar decline the day before. The move marks a clear shift in tone after optimism surged earlier in the week.
Failed Breakout Dampens Bullish Momentum
Bitcoin had spent weeks grinding sideways near the $90,000 level before finally pushing higher and briefly approaching $98,000. That breakout attempt energized bullish traders, many of whom expected short positions to unwind and propel BTC back above $100,000. Instead, momentum stalled. With price now sliding lower, attention is turning toward a potential retest of the low-$90,000 range rather than an immediate continuation higher.
Broader Crypto Market Turns Lower
The pullback wasn’t limited to Bitcoin. Ethereum fell in tandem, slipping back toward the $3,200 level. The CoinDesk 20 Index dropped about 1.5%, with notable weakness across several large-cap tokens. XRP, Aptos, and Polygon all declined between 3% and 6%, reflecting a broader risk-off move across the crypto market rather than isolated selling pressure.
Traditional Markets and Metals Also Reverse
Crypto’s weakness coincided with declines across other asset classes. Gold and silver, both of which had rallied earlier in the week, fell sharply, with gold down about 1.2% and silver sliding nearly 5%. US equity markets also lost steam, with the Nasdaq, S&P 500, and Dow Jones Industrial Average reversing early gains and closing modestly lower. The synchronized pullback suggests profit-taking rather than panic.
Crypto Miners Buck the Trend
One area stood out as an exception. Crypto mining stocks continued to rally, supported by investor optimism around AI infrastructure expansion. Riot Platforms surged more than 10% after announcing a leasing agreement with Advanced Micro Devices. Other miners, including Cleanspark, Cipher Mining, Galaxy, and IREN, posted gains of 5% to 8%, highlighting a growing divergence between token prices and equity plays tied to compute and energy demand.
