Bitcoin’s rebound attempt faltered Tuesday, with the asset sliding below $113,000 as capital appeared to rotate toward surging tech equities.
The largest cryptocurrency briefly topped $116,000 before sellers took control in the U.S. afternoon session, sending it down nearly 2% to $112,700. The decline mirrored Monday’s reversal, signaling persistent selling pressure near key resistance levels.
Ether (ETH) dropped 4% to trade just below $4,000, while most major altcoins also turned red. Solana (SOL) and Litecoin (LTC) each fell roughly 4%, and Hedera (HBAR) surrendered much of its earlier ETF-driven rally.
The weakness came as U.S. stocks surged to new records. The S&P 500 broke above 6,900 for the first time, while the Nasdaq also notched fresh highs. Leading the charge was Nvidia (NVDA), which climbed 5% to approach a $5 trillion valuation during CEO Jensen Huang’s keynote at the GPU Technology Conference.
Crypto-related equities mirrored the late-session fade. Bitfarms (BITF), CleanSpark (CLSK), HIVE, and IREN fell 4%–5%, while Galaxy Digital (GLXY) tumbled 8% amid news of a $1.15 billion capital raise. Strategy (MSTR)—the largest public bitcoin holder—declined 3.7%.
Bitfinex: Bitcoin Must Hold $113.6K to Avoid Deeper Correction
Analysts at Bitfinex cautioned that bitcoin remains vulnerable to further downside despite recovering from the early-October sell-off.
They highlighted $113,600—the short-term holder cost basis—as a critical support level that could determine whether BTC transitions from correction to accumulation.
“Historically, trading above this threshold has signaled renewed bullish momentum,” Bitfinex wrote in a market note. “Failure to sustain it increases the risk of a pullback toward $97,500, the likely lower bound of the current range.”
The firm’s outlook suggests bitcoin may remain under pressure as risk appetite shifts toward traditional tech stocks and on-chain momentum cools.
