Crypto Divergence: Bitcoin Falls Under $113,000 as Wall Street Hits All-Time Highs, Bitfinex Cautions on More Pain

Bitcoin slipped back under $113,000 on Tuesday as investor attention shifted toward traditional markets, where tech stocks led a powerful rally.

The world’s largest cryptocurrency fell nearly 2% to $112,700, retreating from intraday highs near $116,000 in a pattern similar to Monday’s reversal. Ether (ETH) also lost ground, dropping 4% to $3,969, while major altcoins including Solana (SOL) and Litecoin (LTC) declined around 4%. Hedera (HBAR) gave up much of its ETF-driven gains from earlier sessions.

Despite the weakness in crypto, U.S. equities soared to new records. The S&P 500 broke above 6,900, and the Nasdaq hit fresh highs, fueled by a 5% surge in Nvidia (NVDA) as CEO Jensen Huang delivered a keynote speech at the GPU Technology Conference. The chipmaker now sits just shy of a $5 trillion market cap, underscoring investor preference for AI-linked tech plays over riskier digital assets.

Crypto-related stocks mirrored the market’s fade. Bitfarms (BITF), CleanSpark (CLSK), HIVE, and IREN fell 4%–5%, while Galaxy Digital (GLXY) slid 8% after announcing a $1.15 billion capital raise. Strategy (MSTR)—the largest corporate bitcoin holder—dropped 3.7%.

Bitfinex: Key Support Near $113.6K Could Define Bitcoin’s Next Move

Analysts at Bitfinex warned that Bitcoin’s correction might not be over, despite recovering from the sharp October 10–11 crash.

The exchange said the $113,600 level—the average cost basis for short-term holders—remains critical support. Sustaining above it could mark a shift from a corrective phase to renewed accumulation, but failure to hold that threshold risks a deeper decline toward $97,500, likely the lower boundary of the current trading range.

Bitfinex’s outlook suggests the market remains fragile as liquidity tightens and momentum wanes, even with bitcoin still up significantly year-to-date.