Bitcoin News Today: Bitcoin Miners Abandon Cryptocurrency, Embrace AI to Survive Shifting Tides

Bitcoin's price dropped to $98,000 last week as futures liquidations surged, intensifying concerns among bulls about a potential breakdown below key support levels. The decline followed a failed attempt to reclaim $100,000, with long-term holders offloading over 815,000 BTC in the past 30 days, according to market data. Analysts now point to the June 2025 lows near $98,000 as the next likely target if volatility accelerates, given the growing imbalance between overhead resistance and support pockets.

The recent selloff has highlighted structural weaknesses in Bitcoin's market structure. A fourth retest of the $102,000–$100,000 support band since May 2025 has weakened buyer conviction, with each subsequent test depleting resting bid liquidity. Crypto trader Daan noted that a large liquidity cluster exists below $98,000–$100,000, aligning with the series of higher lows forming above this zone according to market analysis. CoinGlass data further revealed nearly $1.3 billion in long leveraged liquidity concentrated at $98,000, a sharp increase from earlier in the week.

While bulls had previously targeted upside liquidity near $110,000 following a flush below $100,000, the market now faces a critical juncture. Analyst AlphaBTC observed that Bitcoin is "back testing the broken year-long trendline" at resistance, with liquidity clusters above $112,000 presenting a potential lifeline if the price can break through $107,000. The $111,500–$115,000 range holds significant interest, and a break above $115,000 could trigger a liquidation squeeze, forcing short sellers to close positions and potentially pushing prices toward $117,000.

Meanwhile, the broader Bitcoin ecosystem is undergoing strategic shifts. Bitfarms, one of North America's largest miners, announced plans to wind down its Bitcoin mining operations over two years, pivoting to AI and high-performance computing infrastructure amid shrinking profit margins. The company cited a $46 million third-quarter loss and aims to convert its Washington State facility to support Nvidia GB300 GPUs. This move reflects a broader trend as miners seek more stable revenue streams, with firms like Cipher and Terawulf also exploring AI data centers according to industry reports.

Political dynamics further complicate the outlook. Despite Trump's administration fostering a crypto-friendly environment for adoption and institutional investment, U.S. Bitcoin miners have struggled to gain traction. The country's hashrate share remains between 36% and 40%, far below the 60% China once held according to market analysis. While federal policies have boosted Wall Street and Silicon Valley, miners have relied more on state-level initiatives, such as Texas's energy policies, rather than federal support according to industry analysis.

The liquidation pressure and structural risks have sparked debates about a potential bounce. Byzantine General, a futures trader, suggested Bitcoin "is likely to sweep the lows around $98,000", but emphasized that a break of $108,000 or $112,000 could trigger sharp directional moves. However, with repeated support retests eroding buyer conviction, the path to a sustained recovery remains uncertain.