Bitcoin defies recent tech stocks sell-off. Are bulls eyeing a $70K rally?

Written by Marcel Pechmanstaff writerReviewed by Sam Bourgistaff writerWritten by Marcel Pechmanstaff writerReviewed by Sam Bourgistaff writerBitcoin defies recent tech stocks sell-off. Are bulls eyeing a $70K rally?MarketsPublishedJul 20, 2026Despite muted derivatives sentiment, Bitcoin’s decoupling and Strategy’s cash raise set the stage for a potential rally to $70,000. Key takeaways:Bitcoin futures and options show whales still prefer hedging downside risks as socio-economic risks mount.Rising Treasury yields and declines in AI stocks fuel risk aversion, yet BTC’s strength signals continued decoupling.Bitcoin (BTC) showed relative strength over the past week, despite failing to break above $65,500. More importantly, the cryptocurrency has decoupled from traditional markets as investors took profits in memory-chip makers amid fears of excessive valuations in the artificial intelligence sector. Still, judging by Bitcoin’s derivative metrics, top traders are not particularly confident about a rally toward $70,000.Bitcoin perpetual futures annualized funding rate. Source: LaevitasThe Bitcoin perpetual futures annualized funding rate stood at a neutral 8% mark on Monday, flat from one week prior. Excessive demand for bullish leverage drives the indicator above the 12% level, which last occurred on July 10. It is unclear if Bitcoin traders’ lack of optimism is somewhat related to contagion fears from the sell-off in tech stocks or the war in Iran.Nasdaq-100 futures (left) vs. Bitcoin/USD (right). Source: TradingViewThe tech-heavy Nasdaq-100 Index dropped below 28,800 on Friday for the first time in five weeks, while Bitcoin displayed strength over the weekend and eventually broke above $65,000 on Monday. Strategy announced a successful raise of $263 million in cash by selling common stock during the prior week, easing concerns of potential Bitcoin sell pressure.Investors became extremely anxious about Strategy’s $1.76 billion annual dividend payout to its preferred…

Bitcoin defies recent tech stocks sell-off. Are bulls eyeing a $70K rally?

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