Live updates: Bitcoin holds below $80,000 as AI buildout draws investor attention and capital
Interest rates and oil are slipping and equities are rising, but crypto remains under pressure.
“A brutal year for Bitcoin is just getting started,” wrote Jason Calacanis overnight. “We will test the $57,000 low in the next 12 months.”
“There are far too many dynamic places to put your money that are creating MUCH more value,” he continued. “Why put your resources into a dead network that offers nothing beyond a store of value?”
“Just sell and shift from Bitcoin to Super Intelligence because one provides little to no value, and the other provides unlimited upside for humanity.”
Calacanis then followed up his post with a bull call on Bittensor (TAO), citing the token’s focus on scaling AI. TAO has had its own struggles, dropping 25% over the past month and 38% over the last year.
Calacanis has previously called for the death of Bitcoin more than once, at far lower prices, as commenters on his X post quickly pointed out.
Asanat Analysis — Why it matters
Bitcoin's failure to break and hold above $80k amid broader equity strength signals weakening conviction among institutional buyers. Typically, risk-on sentiment lifts all risk assets together; the divergence here suggests either crypto-specific headwinds (regulatory overhang, liquidity constraints) or a rotation where tech/AI gains are cannibalizing capital that would otherwise flow to Bitcoin. The article's framing of AI buildout 'drawing investor attention' is key—it implies relative rather than absolute weakness in crypto, not a sector-wide selloff.
Rate declines and oil weakness usually favor speculative assets like Bitcoin, yet the currency remains pressured. This inversion warrants scrutiny: it may reflect macro positioning ahead of Fed decisions, profit-taking into year-end, or heightened correlation with equities during equity volatility. The broader macro backdrop (rates, energy prices) has shifted in crypto's favor, yet price action has not responded, suggesting either technical capitulation or that the narrative has rotated to competing opportunities—precisely the AI infrastructure play mentioned.
For DeFi and tokenized finance specifically, Bitcoin range-bound near $80k often precedes volatility expansion rather than consolidation. If equities continue rallying while crypto lags, watch for forced liquidations or tightening funding rates that would pressure leverage. Conversely, if macro conditions (rates, risk appetite) stay supportive, this divergence may be temporary positioning noise rather than structural.