Bitcoin traded near $61,400 as one ETF manager described its chart as technically damaged, with the token sitting about 20% below its 50-day moving average. CoinDesk also noted that AI-related market sentiment, including Anthropic’s Claude Fable 5 rollout and IPO pipeline, is becoming part of the broader risk backdrop for crypto.
Bitcoin traded near $61,400 as one ETF manager described its chart as technically damaged, with the token sitting about 20% below its 50-day moving average. CoinDesk also noted that AI-related market sentiment, including Anthropic’s Claude Fable 5 rollout and IPO pipeline, is becoming part of the broader risk backdrop for crypto.
Bitcoin remained under pressure on Wednesday, trading near $61,400, according to CoinDesk data cited in a live market update. David Nicholas, CEO and founder of XFUNDs by Nicholas Wealth and portfolio manager of actively managed ETFs including BLOX, said bitcoin’s chart looked technically damaged as the asset traded roughly 20% below its 50-day moving average of $75,020.
Bitcoin remained under pressure on Wednesday, trading near $61,400, according to CoinDesk data cited in a live market update. David Nicholas, CEO and founder of XFUNDs by Nicholas Wealth and portfolio manager of actively managed ETFs including BLOX, said bitcoin’s chart looked technically damaged as the asset traded roughly 20% below its 50-day moving average of $75,020.
The move matters because it shows how cautious some professional crypto allocators have become after bitcoin’s recent decline. Nicholas said he was keeping defensive hedges in place while watching for signs of stabilization, even as oversold conditions could support a short-term rebound.
CoinDesk reported that Nicholas would need to see at least a 20% recovery before turning bullish on bitcoin again. Other traders cited by the outlet have pointed to a range between $68,000 and $80,000 as levels that may need to be cleared for a stronger bullish revival.
The live update also tied bitcoin’s recent weakness to broader risk markets, saying the token has been trading like a high-beta extension of the Nasdaq as chipmakers and Asian tech stocks came under pressure. That framing suggests crypto traders are watching not only digital-asset flows, but also the direction of the wider technology and AI trade.
Anthropic’s release of Claude Fable 5, described by CoinDesk as its most capable public model running on the company’s Mythos architecture, added another layer to that market narrative. The report said AI-linked tokens saw a modest bid around the model launch, while bitcoin barely moved, underscoring the difference between sector-specific token narratives and the broader risk appetite driving major crypto assets.
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