Bitcoin pinned below $84k as tech selldown weighs

On Tuesday, Bitcoin faced a downward trend, struggling to gain ground as a significant sell-off in the global technology sector dampened interest in speculative assets. The leading cryptocurrency declined by 0.4% to $83,673.1. Earlier, it had hit a low of $81,054.7. Cryptocurrency markets as a whole also experienced a decline, pressured by profit-taking following a robust quarter in the third period.

Despite the potential for outperformance in October, a lack of new regulatory updates and substantial buying actions kept prices subdued. The broader market sentiment was influenced by heightened risk-aversion due to the tech sector's substantial sell-down. Artificial intelligence and technology stocks took a hit, with investors questioning the long-term viability of such investments, particularly after OpenAI's revenue report for 2026 revealed lower-than-anticipated earnings.

Chipmakers also faced challenges from anticipated increased production in China, which could lower prices for AI-related products. Although Bitcoin's decline was not directly linked to these tech sector issues, it became entangled in the overall risk-averse environment. Safe havens like gold and the Japanese yen experienced a slight boost this week.

Notably, a dormant Bitcoin wallet containing 5,582 BTC, valued at approximately $378 million, was activated on Monday after six years of inactivity. The coins were scattered across five addresses and remained untraded, as per on-chain data. This transaction, part of a trend seen among "Bitcoin whales," often indicates a forthcoming sale, with the next step being the transfer of BTC to an exchange for trading.