Bitcoin’s Recent Price Action
Over the past two months, Bitcoin has swung sharply:
- October high: BTC reached ~126,000 USD before momentum began to cool.
- November correction: Multiple intraday breaks below the $100,000 threshold confirmed downside momentum.
- Drawdown: From October’s peak to mid-November lows (~97,000–101,000), Bitcoin lost ~20–23%.
- Trend: Lower highs and lower lows show a clear downward momentum shift.
The break below $100k wasn’t just technical—it reset sentiment, triggered mechanical selling, and shifted the narrative from “reaccumulation” to “correction.”
Macro Drivers
- Rates & liquidity: Fading expectations of Fed rate cuts pressured risk assets, including crypto.
- Flows: Long holders distributed, while options activity added supply into the decline.
- Psychological levels: $100k acted as a sentiment hinge; once broken, selling accelerated.
Impact on Related Stocks
IREN Ltd (NASDAQ: IREN)
- Fell ~30% in the past month, now trading near $48 after peaking at $76.
- Sensitive to both AI infrastructure narratives and crypto risk appetite.
- Volatility amplified as BTC momentum flipped downward.
Nvidia (NASDAQ: NVDA)
- Trading around $190–193 ahead of Nov 19 earnings.
- Not directly tied to Bitcoin, but as a tech bellwether, NVDA influences broader risk sentiment.
- Earnings guidance could either cushion or compound volatility across high-beta assets.
Key Takeaways
- Bitcoin’s break below $100k marks a decisive momentum turn.
- Crypto-adjacent equities like IREN magnify BTC’s downside.
- Tech leaders like Nvidia set the tone for broader markets, indirectly shaping crypto equity sentiment.
- Macro liquidity and rate expectations remain the dominant drivers of risk appetite.
Disclaimer: This post reflects publicly available information and should not be interpreted as a solicitation. Always conduct your own due diligence and consult a financial advisor before making investment decisions.