Alphabet's decision to raise its AI capital expenditure forecast is spilling into crypto markets, with Bitcoin holding above the $65,000 level as the chip trade extends its rebound.
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Bitcoin holds above $65,000 as Alphabet's AI spending lifts chip trade
Bitcoin traded at $65,800 as of 05:00 UTC Wednesday, up 1.2% in 24 hours, after Alphabet raised its AI spending forecast and lifted chip stocks that crypto prices track.
Maxime Seiler, co-founder and chief executive officer of STS Digital, said the $67,000 to $68,000 zone is the immediate resistance that must break for Bitcoin to challenge the $70,000 to $72,000 range by month-end.
Bitcoin has spent the past six months oscillating between $57,000 and $83,000, with the last two months confined to a $57,000-to-$67,000 band, according to Coinbase data from TradingView. Spot Bitcoin ETF inflows have resumed after a slow period, with the funds attracting $1.3 billion at launch in 2025 before inflows nearly stalled in 2026. Open interest across major derivatives exchanges stood at $34.2 billion as of Tuesday's close, Coinglass data shows.
The Federal Reserve's July 28-29 meeting is the next macro catalyst that could resolve the range, with traders pricing in a 68% probability of a quarter-point rate cut, according to CME FedWatch. A break above $67,000 would mark the first higher high since mid-June and open the path toward $72,000, while a failure to hold $64,000 could retest the $60,000 support floor.
Alphabet's better-than-expected revenue and higher AI spending forecast pushed semiconductor stocks higher in after-hours trading, with Nvidia Corp. gaining 2.8%. The chip sector's rebound from bear-market territory has supported risk-on sentiment across asset classes, with Bitcoin's 30-day correlation to the Nasdaq 100 at 0.62, according to IntoTheBlock data.
The broader crypto market cap rose to $2.4 trillion, with Ethereum at $3,520, up 0.8% over the same period. Bitcoin's dominance rate held at 54.3%, reflecting the relative strength of the largest digital asset during the recovery. Strategy, the largest corporate Bitcoin holder, disclosed 843,775 BTC on its balance sheet as of July 19, according to a regulatory filing.
On the regulatory front, the CLARITY Act — which would provide a definitive framework for digital assets — carries 42% passage odds on Polymarket after the White House missed its July 4 signing target. The uncertainty has weighed on institutional inflows, though spot Bitcoin ETF volumes have picked up in recent sessions.
Tim Enneking, managing partner of Psalion, said $60,000 has become a "firm bottom" for Bitcoin after months of consolidation, though he cautioned the pattern resembles fall 2022, when Bitcoin completed one more leg down before rallying significantly the following January.
This article is for informational purposes only and does not constitute investment advice.
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