Bitcoin gave back an overnight rebound toward $85,000 on Thursday as a selloff in AI stocks and rising oil prices hit risk assets. Most major altcoins also moved in a flat-to-low range.
Bitcoin steadied at $82,785.8 by 02:13 ET after rising to nearly $85,000 overnight. A deep selldown in artificial intelligence stocks and a continued rise in oil prices battered risk-driven assets, wiping out most of the rebound.
The price remains inside a tight trading range established over the past month, as a third-quarter rally largely ran out of steam in October.
Tech rout and oil weigh on risk appetite
Continued flows into spot exchange-traded funds provided fleeting support for the overnight bounce. Bitcoin then reversed those gains as risk aversion grew.
A broad sell-down in global technology stocks followed middling overnight earnings from some of Wall Street's tech majors. The rout was driven by rising concerns over higher interest rates and the long-term sustainability of AI. Crypto tends to move in tandem with tech shares and also stands to be affected by rising borrowing costs.
Oil added to the pressure. Prices hit a five-month high this week on continued tensions in the Middle East, and reports suggested a resumption of U.S. and Israeli hostilities against Iran was imminent. Higher oil also fed concerns over sticky inflation and rising interest rates.
Altcoin rally fades
Other major tokens mostly slipped as the overnight rally lost ground. Ether fell 0.3% to $2,432.48, while BNB fell 0.7%.
XRP was a mild outperformer, rising 0.6%. Solana and Cardano fell 1.3% and 2.5%, respectively, and Dogecoin dropped 2.3%.
Source: Investing.com
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