Bitcoin fell below $82,000 after approaching $85,000. Analysts attribute the broadened selling pressure across the cryptocurrency market to mounting concerns over the profitability of artificial intelligence (AI) investments, rising international oil prices, and geopolitical tensions in the Middle East.

Bitcoin Falls 3-4% in a Day... Altcoins and DeFi Drop Even More

According to cryptocurrency market analyses on the 23rd, Bitcoin recently climbed to around $84,800-$85,000 before turning downward. Selling pressure pushed it down to the $81,600 level, and in some markets it fell as low as $80,836. The daily decline amounted to roughly 3-4%.

The drop was not limited to Bitcoin. Decentralized finance (DeFi)-related indices fell about 5-6%, and major altcoins recorded larger declines than Bitcoin. Risk-off sentiment spread across the broader cryptocurrency market.

AI Investment Skepticism and Surge in Oil Prices Drive Decline

The market is paying attention to the connection between weakness in U.S. tech stocks and falling cryptocurrency prices. Analysts say doubts are growing over whether the massive capital being poured into AI infrastructure will translate into actual returns, dampening sentiment toward tech stock investments.

Earnings and AI investment plans from Tesla and Meta also drew market attention. As investors delivered mixed assessments of the scale and profitability of AI investments, the Nasdaq index and related futures markets weakened, adding pressure to cryptocurrencies.

Rising international oil prices are also cited as a risk factor. With oil prices exceeding $112 per barrel and tensions escalating in the Middle East, uncertainty over inflation and interest rate outlooks has grown.

$400 Million Liquidated in Derivatives... Spot ETFs See $1 Billion Net Inflow

Large-scale position liquidations occurred in the cryptocurrency derivatives market. Roughly $400 million in liquidations were recorded over the past 24 hours, while other analyses put long position liquidations above $412 million. The two figures may differ in timing and criteria, so direct comparison requires caution.

Meanwhile, spot Bitcoin exchange-traded funds (ETFs) continued to see capital inflows. Over the past three trading days, U.S. spot Bitcoin ETFs recorded net inflows of more than $1 billion. Analysts say this suggests demand through spot ETFs was maintained even as long position liquidations expanded, though ETF inflows alone cannot guarantee a future price rebound.

Whether $80,000-$81,500 Support Holds Is the Key Going Forward

Technical analyses cite the $80,000-$81,500 range as a major support zone. Some analyses interpret this range as overlapping with the average purchase price of U.S. spot Bitcoin ETF investors. On the upside, the $84,800-$85,000 range is identified as a resistance zone. Evaluations suggest that Bitcoin's failure to break through this range and subsequent decline have kept short-term highs trending lower.

Whether the $80,000-$81,500 support holds is expected to be a critical variable in determining the future price direction. Analysts say that even if the price temporarily leaves this range, it is necessary to watch whether the support line is maintained on a daily closing basis.

Spot ETF fund flows are also a subject to watch. Depending on whether the recent net inflow trend continues, inflow sizes shrink, or flows turn to net outflows, market supply and demand conditions may shift. In addition, AI investment plans and earnings outlooks of major U.S. tech companies, international oil price movements, and Middle East geopolitics are cited as variables that will influence cryptocurrency market volatility.

Short-Term Correction or Long-Term Bearish Phase?

If Bitcoin maintains its key support zone and spot ETF inflows continue, this decline may remain a short-term price correction. Conversely, if the support line breaks while risk-off sentiment expands simultaneously, further downward pressure could intensify.

For now, it is difficult to determine whether this decline is a temporary concentration of selling or the beginning of a longer-term bearish trend. Whether Bitcoin holds its key price levels, along with U.S. tech stocks, oil prices, and ETF supply-demand changes, are expected to be the market's core indicators going forward.

[This article is intended to provide information for investment reference and does not recommend the purchase or sale of any specific asset. Conditions may vary depending on market circumstances. Investment decisions and their consequences are the responsibility of the investor. AI provided some assistance.]