Bitcoin Holds Firm as Tech Rout Tests $70,000 Rally

Bitcoin had largely traded as a proxy for the artificial-intelligence capital cycle in July, rising and falling with chipmakers as investors weighed whether Big Tech’s spending could generate sufficient returns. Its latest resilience matters because a durable break from equities would strengthen the case that crypto can attract flows even as risk appetite weakens. The test comes amid higher Treasury yields and geopolitical tension, conditions that would typically pressure speculative assets and complicate any push toward $70,000.

Bitcoin traded near $65,400 in Asian hours on July 24, down less than 1% on the day but up 3% for the week. By contrast, the Magnificent Seven lost $797 billion in market value on July 23, pulling the S&P 500 down 1.2% and the Nasdaq 100 down 1.9%. Laevitas data showed annualized perpetual-futures funding at a neutral 8% on July 20, while Deribit’s 30-day options delta skew stood at 13%, signaling continued demand for downside protection despite the cryptocurrency’s relative strength.