BITCOIN BREAKS RISING WEDGE – $58,570 DOWNSIDE TARGET IN PLAY AS KIMI K3 SPARKS AI ROUT

$BTC fell 2.1% to $62,828 on Friday after Moonshot AI's Kimi K3 launch challenged the assumption that only well-capitalized US companies can build frontier AI, triggering a broad repricing of AI valuations across the market .

The BTC/USD pair broke below the lower boundary of a rising wedge pattern near $63,500 – a bearish formation that projects a measured downside target of $58,570 . The relative strength index fell toward 41, with room to decline further toward the oversold threshold of 30. Trading volumes picked up as the breakdown accelerated .

A recovery above $64,000 would weaken the bearish setup and reopen the path toward $65,000. Otherwise, the measured target near $58,570 implies another 7% decline from current levels .

The selloff is not isolated to crypto. Nasdaq 100 futures dropped 1.91% while Japan's Nikkei 225 fell 4%, pointing to macro forces driving the move rather than anything crypto-specific .

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