Bitcoin Sinks Toward $65K as Crypto Rout Deepens Despite Record Highs in Global Stocks
Bitcoin tumbled to its lowest level in months on Wednesday, with the broader cryptocurrency market facing intense selling pressure despite a surge in global stock markets driven by artificial intelligence-related gains.
The leading cryptocurrency dropped as low as $65,708 during Asian trading hours, marking a 6.4% decline over the past 24 hours and leaving it down more than 12% over the past week. Bitcoin later recovered slightly to trade near $66,280, though market sentiment remained firmly bearish.
Ethereum followed the downturn, falling below the key $1,900 level and touching $1,839. The second-largest digital asset has now lost nearly 8% in a single day and more than 11% over the last seven days. Other major cryptocurrencies also suffered steep losses, with Solana sliding 9%, BNB falling almost 8%, Dogecoin dropping over 8%, and Tron posting more modest declines.
The crypto market weakness stood in sharp contrast to traditional financial markets. Global equities continued their rally as investor enthusiasm surrounding artificial intelligence accelerated. Semiconductor stocks led the charge, helping major stock indexes reach new record highs. Several leading chipmakers climbed to fresh peaks, while broader global benchmarks also advanced.
A series of negative developments has weighed heavily on digital assets over the past week. Investor sentiment deteriorated after Strategy disclosed its first Bitcoin sale in years, while spot Bitcoin exchange-traded funds continued to experience significant capital outflows. Additional pressure emerged from a large Bitcoin transfer linked to the Mt. Gox estate and escalating geopolitical tensions in the Middle East, which have pushed oil prices higher.
One notable exception to the market-wide decline was Hyperliquid’s HYPE token. Although it recorded a modest daily loss, the asset remained one of the strongest performers among major cryptocurrencies, retaining a substantial weekly gain.
From a technical perspective, analysts are closely watching the $65,000 level as Bitcoin’s next critical support zone. A decisive move below that threshold could expose the market to a deeper correction toward $60,000. Conversely, holding above support may encourage a short-term rebound as excessive leverage is gradually removed from the market.
Derivatives markets continue to reflect growing caution, with traders increasingly pricing in the possibility of significantly lower Bitcoin prices before the end of the year. As uncertainty builds, investors are weighing whether the current sell-off represents a temporary shakeout or the beginning of a broader market downturn.