Unlike most projects using autotools, Bitcoin Core does not suppport out-of-tree builds. Trying to do this results in an error during build:
$ cd build
$ ../bitcoin/autogen.sh
...
$ ../bitcoin/configure
...
$ make -j10
Building LevelDB ...
make[3]: Entering directory '/data/src/x/build/src'
make[3]: *** leveldb: No such file or directory. Stop.
make[3]: Leaving directory '/data/src/x/build/src'
Makefile:7553: recipe for target 'leveldb/libmemenv.a' failed
make[2]: *** [leveldb/libmemenv.a] Error 2
make[2]: *** Waiting for unfinished jobs....
make[2]: Leaving directory '/data/src/x/build/src'
Makefile:7060: recipe for target 'all-recursive' failed
make[1]: *** [all-recursive] Error 1
make[1]: Leaving directory '/data/src/x/build/src'
Makefile:654: recipe for target 'all
There are various reasons why out-of-tree builds are preferred, so it would be nice if this worked.