Bitcoin extended its recent losses on Thursday, declining in parallel with weakness across global markets and slipping back below the closely watched 100,000-dollar level.

The cryptocurrency was last seen trading near 98,350 dollars, down 3.1 percent on the day. A confirmed close below 100,000 dollars would mark the first such occurrence since May 7, representing the lowest closing level in six months.

From a technical standpoint, Bitcoin’s Relative Strength Index (RSI) currently stands at 40.14, which does not yet indicate oversold conditions, but is approaching that zone quickly. This is the weakest RSI reading since mid-March, pointing to rising selling pressure. Momentum indicators also reflect sustained weakness, with Bitcoin trading below its 20-, 50-, 100-, and 200-day moving averages — a broad signal that the trend has shifted decisively to the downside across all time frames.

Despite the pullback, investor appetite for crypto-linked assets remains elevated, particularly through exchange-traded funds that offer exposure to Bitcoin’s price movements without requiring direct ownership.

Among the most notable Bitcoin-linked ETFs are:

iShares Bitcoin Trust (IBIT)

ARK 21Shares Bitcoin ETF (ARKB)

Grayscale Bitcoin Trust (GBTC)

Valkyrie Bitcoin Fund (BRRR)

Invesco Galaxy Bitcoin ETF (BTCO)

VanEck Bitcoin Trust (HODL)

WisdomTree Bitcoin Fund (BTCW)

Fidelity Wise Origin Bitcoin ETF (FBTC)

Bitwise Bitcoin ETF (BITB)

Franklin Bitcoin ETF (EZBC)

US stocks declined during Thursday’s trading session, despite the official announcement that the longest government shutdown in US history has come to an end.

Early on Thursday, the House of Representatives voted in favor of the temporary funding bill, which was then signed by President Donald Trump, immediately reopening the government after a shutdown that lasted from early October until Wednesday.

Meanwhile, global markets remain divided over the Federal Reserve’s upcoming decision in the December meeting. Investors see a 53 percent chance of a 25-basis-point rate cut and a 47 percent chance of no change, compared with a 96 percent probability of a cut just one month ago.

As for trading, the Dow Jones Industrial Average fell by 0.8 percent, or 392 points, to 47862 points by 16:40 GMT. The broader S&P 500 declined by 1.21 percent, or 84 points, to 6767 points, while the Nasdaq Composite dropped 1.9 percent, or 455 points, to 22955 points.

Copper prices have retreated from their record highs in July, but analysts say the metal’s powerful rally is far from over. Strong demand is expected to outstrip supply soon, potentially setting the stage for another sharp upside move.

John Caruso, senior market strategist at RJO Futures, said copper is “a ticking time bomb waiting for an explosive price move,” pointing to a likely persistent structural deficit in supply, with demand expected to increase by nearly one million metric tons annually over the next decade.

And while the administration of President Donald Trump has moved away from clean-energy policies — eliminating billions of dollars in funding for industries where copper is a key component — global efforts to tackle climate change continue. The surge in electricity demand from artificial-intelligence data centers is also driving expectations of long-term copper consumption.

David Aspell, co-head of investing at Mount Lucas Management, said the broader demand outlook for copper remains “solid,” supported by AI infrastructure growth and rising requirements from data centers. “Demand is still strong, and it’s expected to stay that way,” he added.

Record Rally Then a Pullback

A Dow Jones analysis of FactSet data shows that benchmark US copper prices at this year’s settlement peak were up 44.5% from the end of 2024.

Copper hit an intraday record of 5.959 dollars per pound on 24 July. CQG data also show that three-month LME copper futures touched an unprecedented 11,200 dollars per metric ton on 29 October.

Speculation that the Trump administration might impose tariffs on imported refined copper pushed CME Comex prices in New York above their London counterparts.

“The usually stable spread between London and New York started to diverge when tariffs were floated,” Aspell said. “Comex prices climbed in anticipation of possible measures.”

Importers rushed to bring copper into the US ahead of potential tariffs and were willing to pay higher prices.

However, New York futures fell back after the Trump administration announced that tariffs would apply to processed — not refined — copper.

Comex prices are now down roughly 15% from their highs less than four months ago.

Roqaya Ibrahim, senior commodities and energy strategist at BCA Research, said the ongoing risk of tariffs on refined copper will continue to influence the market.

She noted that the exemption for refined copper will be reassessed in summer 2026, adding that US copper is again trading at a premium to LME levels, signaling continued storage and stockpiling in New York.

Ibrahim expects the global copper market to remain “imbalanced” until the tariff decision is finalized, limiting any meaningful downside in 2025.

The Real Story Behind Copper Demand

Trump’s shift away from clean-energy priorities — cutting funding and encouraging oil, coal, and other fossil fuels — could weigh on demand for copper used across renewable-energy technologies.

But Caruso at RJO Futures said the “real story” is the soaring electricity consumption from AI data centers.

A 2024 US Department of Energy report, authored by Lawrence Berkeley National Laboratory, found that data centers used about 4.4% of total US electricity in 2023. That share is expected to rise to between 6.7% and 12% by 2028.

“The expectation is that electricity demand from AI data centers will continue rising and may double by the end of the decade,” Caruso said.

He added that capital spending on AI infrastructure “remains a dominant market theme with no signs of slowing.”

According to the International Energy Agency (IEA), the global copper market could face a supply shortfall of up to 30% by 2035, driven by mining challenges and soaring demand for electrification technologies.

“AI’s growth phase is still in its very early innings,” Caruso concluded. “In my view, that leaves copper with plenty of room to run.”

Bitcoin edged lower on Thursday, as institutional capital flows into cryptocurrencies continued to weaken, while the end of the prolonged US government shutdown provided only a limited boost to risk appetite in broader markets.

The world’s largest cryptocurrency fell 0.6 percent to 102,775.6 dollars by 00:52 Eastern Time (05:52 GMT), lagging behind the slight gains seen across alternative cryptocurrencies.

Bitcoin ETF flows remain entirely negative

Data from SoSoValue showed that US-listed bitcoin exchange-traded funds recorded outflows of about 278 million dollars on Wednesday, with total outflows reaching 1.2 billion dollars during the first week of November.

And although the funds saw inflows of 247 million dollars over the past seven days, that remains only a small fraction of the heavy outflows that hit the market in late October and early November.

These negative flows follow a roughly 500-billion-dollar wipeout in the crypto market capitalization in early October, which severely undermined institutional confidence and pushed corporate treasuries and ETF operators to retreat from the sector.

This withdrawal has deprived bitcoin of the capital needed to push prices higher. Weak price action has also dampened interest from retail investors, who typically gravitate toward the token due to its volatility and speculative potential.

Bitcoin has struggled since early October to break above 110,000 dollars. It traded below 105,000 dollars for most of November and even briefly fell under 100,000 dollars earlier in the month.

Altcoins rise as the US government reopens

Alternative cryptocurrencies outperformed bitcoin on Thursday, supported by a modest improvement in risk appetite after US lawmakers agreed to end the longest government shutdown in the country’s history.

Ether, the world’s second-largest cryptocurrency, rose 2.6 percent to 3,530.65 dollars, while XRP gained 4.8 percent. Binance Coin and Cardano climbed around 0.9 percent each, while Solana was little changed.

Among meme tokens, Dogecoin rose 2 percent, while the token known as TRUMP traded broadly sideways.

Mild improvement in sentiment after the government-funding bill

These moves came after President Donald Trump signed a bill to fund the government through January 30, following House approval late Wednesday, ending a shutdown that lasted more than six weeks.

Despite the relief, analysts warned that reopening the government also means the return of official economic data releases, which may present a bleak picture of the US economy after the long shutdown period.

Trump had earlier stated that the shutdown cost the US economy roughly 1.5 trillion dollars.