Bitcoin Should Be Plunging Much Harder: So Why Is BTC Still Above $77K?

There's a lot going against BTC at the moment, so the $78,000 price tag might not be all that bad. We would be the first to admit that BTC didn’t have a good week; in fact, it didn’t have a good month despite some expectations, but the surrounding market environment arguably looks much worse. From Wall Street and China to monetary policy, geopolitics, and a massive hack, several major risk factors have deteriorated simultaneously. Yet, BTC continues to trade in the upper $70,000s. Global Markets Crashed Selling pressure accelerated last week, with brutal sessions for US tech stocks. The Nasdaq Composite dropped by almost 3% on Friday alone, its steepest decline since June, while individual stocks such as Intel and AMD collapsed by double digits. The tech-heavy index finished nearly 8% below its October 6 record amid growing concerns that massive AI spending may not generate adequate returns. This weakness, though, was not isolated to the US. China’s CSI 300 fell by 1.4% on Friday and closed October with a massive 8.5% loss. This became its largest monthly decline in over a decade. The index has now dumped around 15% over 12 consecutive losing weeks. Tech shares were among the bigge...