Bitcoin’s Last Support Before $100K Breaks as 'Mag 7' Skew Flips, Oracle CDS Surges

Bitcoin (BTC) fell below the critical $106,000 support level during Asian trading hours, potentially setting the stage for a drop toward $100,000 or lower, with targets near $94,000 or $85,000 if the lower support fails, according to 10x Research founder Markus Thielen. This decline coincides with waning expectations for rapid Federal Reserve rate cuts and signs of overexuberance in the 'Magnificent 7' tech stocks, evidenced by an inversion in their put-call skew, historically signaling market tops or consolidation. Furthermore, the credit default swap (CDS) for Oracle surged following its large AI investment disclosures, suggesting investor anxiety regarding the high level of AI spending that has driven recent market optimism. Analysts suggest caution is warranted as these factors point to potential downside risk for risk assets, including cryptocurrencies.

(Source：CoinDesk)