Bitcoin reverses brief $90K spike as U.S. stocks edge down:

Bitcoin's (BTC-USD) price briefly surged to the $90K mark before quickly reversing course, coinciding with a slide in U.S. equities.

The BTC crypto suddenly jolted to $90K earlier in the session, but the move lasted only minutes until gains were erased and prices retreated back to below $87K at press time, down ~1.4% in the last 24 hours. Ether (ETH-USD) was down 3.8%, changing hands at $2.84K, along with other altcoins.

The intraday slump in crypto comes as stocks, especially tech and AI sectors, show weakness, signaling reduced appetite for high-beta assets, including crypto.

Crypto-focused stocks were mostly down in midday trading: Strategy (MSTR) -1.4%, Coinbase Global (COIN) -0.5%, Gemini Space Station (GEMI) -5.3%, Bakkt Holdings (BKKT) -2.8%, MARA Holdings (MARA) -4%, Circle Internet Group (CRCL) -3.1% and American Bitcoin Corp. (ABTC) +3%.

Hunter Rogers, co-founder of bitcoin yield protocol TeraHash, contended that bitcoin's (BTC-USD) roughly 30% slide from its record high in October is a "direct consequence of the absence of fresh demand. In that environment, even mild selling activity pushes the market lower."

"I think we’re now seeing an exhausted market," he added. "Short interest has increased, so it behaves defensively. A rebound toward $97,000 would likely trigger more than $6.5 billion in short liquidation. So that means many are now positioning for further decline."

He noted that whether BTC can hold the key $80K-$85K range "would determine the price’s next direction.”

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