Bitcoin has come under renewed pressure as investors unwind risk across both technology and crypto markets, according to commentary from Axel Rudolph, Chief Technical Analyst at IG.
In a note shared on 6 November 2026, Rudolph said Bitcoin has been “dragged into the AI rout” as investors rapidly de-risk positions in sectors associated with high spending and valuation growth, including technology. He pointed to what he described as growing doubts about the returns from major AI investments and said fears around potential regulatory tightening could slow data-centre construction.
Rudolph added that Bitcoin’s performance has continued to track the direction of technology stocks, leaving it “particularly exposed” during the sell-off. He also cited crypto-specific dynamics, saying that more than $1 billion in leveraged crypto positions had been liquidated, which he described as adding to downward momentum.
The analyst further argued that a post-election rally in Bitcoin may be losing traction. He said the move “now looks like a false dawn,” with Bitcoin struggling to hold earlier gains as broader risk appetite weakens.
Rudolph’s comments frame the current move in Bitcoin as a cross-asset phenomenon, with AI-related spending uncertainty and equity-market positioning contributing alongside leverage effects in the crypto market.
