Bitcoin under $66,000 as traders await Alphabet earnings to gauge AI trade

Bitcoin traded near $65,900 on Wednesday, holding just below the two-week high it touched earlier, up 1.5% on the week, per CoinDesk data.

The pause matches the broader market, where a two-day rebound in chip stocks stalled as traders waited on Alphabet’s results after the U.S. close.

Nasdaq 100 futures fell 0.8% and South Korea’s Kospi trimmed strong early gains, with tech lagging in Europe too.

The trigger is Alphabet, which said last quarter it would more than double capital spending to as much as $190 billion this year. Investors want evidence that spending is generating returns, and the report lands just as chipmakers have been whipsawed by fears the pace of AI investment cannot hold.

Bitcoin has moved with the AI trade all month, up when the chip complex is strong and down when it wobbles, because the same risk appetite drives both and because bitcoin miners have rebuilt into AI data-center operators.

The majors were quiet otherwise. Ether held near $1,917, up 2% on the week, while Hyperliquid lagged at down 2% over seven days. The Fed meets July 28 and 29, six days after Alphabet gives the market its first hard look at whether the AI build-out is still worth paying for.