Bitcoin slides 3% as oil >$100 and AI demand stalls
SkimNews Take
Higher energy costs and a potential slowdown in AI demand simultaneously reduce the capital available for speculative assets like Bitcoin and diminish a potential source of its underlying utility.
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- Bitcoin trades ~3% lower near $77,000, about 4% below the $80,700 short‑term holder cost basis, a key technical resistance level.
- Brent crude stays above $100 per barrel, bolstering inflation concerns and dampening hopes for near‑term Fed rate cuts.
- OpenAI missed its revenue targets, hinting at a slowdown in AI demand that eases Bitcoin miner sell‑offs.
- Enflux notes traders are holding back ahead of Wednesday’s Fed rate decision and upcoming US data releases (GDP, PCE, Employment Cost Index).
- Polymarket bettors assign a 95% probability that the Fed will leave rates unchanged in June.
Why it matters: Investors lose as Bitcoin slides ~3% to $77,000, while miners benefit from reduced sell pressure as AI demand slows, easing debt‑service burdens and stabilizing price dynamics.
