Headline: Bitcoin Reverses Early Rally, Slides to Lowest Level Since November 7
Bitcoin’s price retreated after a brief early bounce, erasing gains and underscoring fragile sentiment across cryptocurrencies and broader risk assets. The move to fresh weekly lows is drawing attention from traders watching key technical levels and potential spillovers into equities.
After opening with strength, Bitcoin climbed to roughly $105,600 during early New York trading before sellers regained control. The cryptocurrency slipped nearly 1% on the day, marking its lowest level since November 7 and setting new lows for the week. The reversal comes as risk appetite remains uneven, with investors cautious about momentum across digital assets.
Technically, the market is eyeing the $99,000 area, which held multiple times last week and has acted as a short-term support zone. An emerging head-and-shoulders pattern on intraday charts is adding to downside risks; a clear break below that support could invite a deeper pullback. The softness in Bitcoin is also feeding cross-asset nerves: chip stocks and the Nasdaq remain sensitive, with Nvidia still under pressure. While AMD saw an early pop on longer-term forecasts, investors are treating those projections cautiously.
Key Points: – Bitcoin reversed early gains and fell nearly 1%, hitting its lowest level since November 7 – Intraday high near $105,600 gave way to steady selling and fresh weekly lows – $99,000 remains a key support zone after multiple successful tests last week – A developing head-and-shoulders pattern warns of potential downside if support breaks – Weakness in Bitcoin is echoing broader risk-off sentiment across equities and chip stocks – Nvidia remains under pressure; AMD’s early strength on long-term outlook met with caution
