Bitcoin Hits Support As Tech Stocks Slide

Bitcoin is facing fresh downward pressure as investors pull back from riskier assets. The Nasdaq 100 index hit its lowest point since early May today, driven by growing investor concerns about the massive spending on artificial intelligence projects by major tech firms.

This cooling sentiment in the stock market has triggered a liquidation phase in crypto as traders move to secure profits. The resulting selling pressure has pushed Bitcoin price action down toward a critical trendline support level.

Market participants are now watching to see if this support holds or if the price will fall further. The current weakness highlights how closely crypto assets remain tied to the performance of tech stocks during periods of economic uncertainty.

Keep an eye on trading volume throughout the day to see if bulls step in at these current levels. If the trendline fails, the next few sessions could see continued volatility across the crypto market.