Bitcoin Rebounds Above $75,000 Despite Nvidia Concerns
Bitcoin climbed above $75,000 after Wall Street opened Monday, while tech stocks recovered. Analyst Keith Alan identified about $68,000 as a possible downside target.
Bitcoin rose above $75,000 after Wall Street opened Monday, while technology stocks recovered from an Nvidia-related sell-off. The rebound followed a drop to $73,500 on Sunday, Bitcoin’s lowest level since Aug. 21.
BTC/USD gained about 0.8% during Monday’s session. The Nasdaq Composite rose as much as 2.6% as investors bought technology shares.
The market reaction followed reports that Nvidia CEO Jensen Huang may have been targeted in a Chinese intelligence effort. Beijing denied the claim. Nvidia shares initially fell about 6% to $170.24 before recovering to a session high of $179.92.
Dan Ives, senior managing director at Yorkville Ives & Co., wrote in a Sunday note that the episode could weigh on Nvidia’s share price and prompt congressional inquiries. Former U.S. Securities and Exchange Commission Chair Gary Gensler described difficult decisions for Nvidia’s board based on the findings of the company’s internal investigation.
Bitcoin traded between its 21-week and 50-week simple moving averages, which stood at about $73,078 and $75,492, respectively. Keith Alan, co-founder of crypto trading platform Material Indicators, pointed to Bitcoin’s broader market structure and thin order books as factors that could allow further declines before a sustained breakout.
“The macro structure and thin order books leave room for lower prices before a breakout can be validated,” Alan wrote on X. “That test is possible, not inevitable — and it doesn’t have to happen this week. In fact, the weekly view is starting to lean bullish.”
Alan identified Bitcoin’s 200-week simple moving average, at about $67,755, as a potential downside target. Bitcoin last interacted with that trend line in mid-August.
West Texas Intermediate crude fell to $86.19 per barrel, its lowest price since Sept. 1, before recovering to about $88.20. Lower oil prices coincided with the rebound in equities and Bitcoin.
Crypto liquidations remained elevated during Monday’s trading. Data from CoinGlass showed that $1.2 billion in positions had been liquidated over the previous 24 hours as of 5 p.m. UTC.
Reviewed and fact-checked by Alex Panasenko on November 9.
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