Bitcoin on the Ropes at $75,000 as AI Token Rally Fizzles: Crypto Markets Today Bitcoin hovered near the $75,000 support level on Wednesday, failing to break above the $78,000 threshold that had previously signaled a potential bull market. Analyst Tom Lee, chairman of Bitmine (BMNR), had warned that BTC needed to hold the $76,000 level by month-end to confirm a new bull market. Instead, the cryptocurrency remained below that critical mark, with prices fluctuating around $73,000 after a sharp decline triggered by U.S. airstrikes on an Iranian military site near the Strait of Hormuz. The strikes reignited geopolitical tensions, leading to a broad sell-off in cryptocurrencies and other risk assets. Nearly $1 billion in leveraged crypto positions were liquidated in 24 hours, with long positions accounting for 93% of the wipeout, and Bitcoin and Ether leading the losses. The broader crypto market faced mixed signals as AI-linked tokens, including RENDER, FET, and NEAR, reversed much of their earlier gains. These assets had surged on Tuesday but fell as much as 3% since midnight UTC, dragging the CoinDesk Computing Select Index down 2.2% and the DeFi Select Index 1.5%. The decline reflected growing caution amid broader market weakness, though some altcoins showed resilience. Hyperliquid’s HYPE token, for instance, surged 5.5% after hitting a record high earlier in the week, while Monero climbed 5% to retest the $400 level. These gains stood out as bright spots in an otherwise cautious altcoin market. Bitcoin’s technical indicators also painted a bearish picture. Crypto futures volume jumped 54% to $201 billion in 24 hours, while liquidations surged 87%, reflecting heightened market activity following an extended U.S. holiday lull.#bitcoin #strait_of_hormuz #bitmine #tom_lee #coin_desk_computing_select_index
