Bitcoin Loses $80,000 Support as Equity Rally Concentrates in Megacaps
Quick Look
Bitcoin fell below $80,000 to $78,759.70 on May 13, contrasting with a new S&P 500 all-time high, as the equity rally, driven by megacaps like Nvidia, Apple, and Microsoft, bypassed liquidity assets due to tightening liquidity and AI-driven earnings growth.
AI-generated summary
Why It Matters
Bitcoin's valuation is heavily influenced by Fed liquidity and real rates, contrasting with megacap tech's AI-driven resilience.
Traders have been treating Bitcoin as a high-beta proxy for the same risk appetite driving Nvidia and the Mag-7, one that should move with equities on green days. Instead, Bitcoin lost its $80,000 support and registered an intraday low of $78,759.70 on May 13, while the S&P 500 registered a new all-time high, QQQ rose 1.06%, and Nvidia added 2.84%. [...]
What to Watch
AI outlook — possibilities, not facts
Bitcoin may test $74,000-$68,000 if PPI feeds into CPI/PCE without relief.
Likely · Within weeks
Open Questions
- Will the Fed hike rates in December?
- Can Bitcoin reclaim $80,000 support?
