Bitcoin Holds Above $75,000
Bitcoin moved back above $75,000 after the US market opened on Monday, recovering from a weekend dip. The largest cryptocurrency was up about 0.8% on the day, according to TradingView data. It had fallen to $73,500 on Sunday, a level last seen on Aug. 21. The rebound came as tech stocks found buyers after an early sell-off.
Nvidia Claims Rattle Stocks Briefly
The softer mood followed reports that Nvidia CEO Jensen Huang may have been the target of a Chinese intelligence effort. Beijing denied the claim. Nvidia stock dropped about 6% to $170.24 in early trading, a price it last traded at on March 31. It later recovered to a session high of $179.92. Dan Ives of Yorkville Ives & Co. warned the episode could weigh on the share price. He said it was a black eye moment for Huang and could spark congressional inquiries. Former SEC chair Gary Gensler said Nvidia’s board would face tough choices based on the company’s internal investigation.
The Nasdaq Composite still gained 2.5% in the first hour of US trading. Investors used the dip to buy tech shares, and that helped risk appetite more broadly.
Oil and Correlations Shape the Mood
Falling oil prices also supported equities and gave Bitcoin some room to recover. US WTI crude fell to $86.19 per barrel, its lowest since Sep. 1, before recovering to around $88.20. Economist Robin Brooks repeated his view that gold, Bitcoin and the S&P 500 have moved in the opposite direction to oil after the attack on Saudi Arabia’s East-West Pipeline in September. He said a fall in oil prices could lift those risk assets even if the correlations fade somewhat.
Bitcoin traded in a narrow range between its 21-week and 50-week simple moving averages on Monday. Those levels were $73,078 and $75,492.
Analyst Sees Possible $68K Test
Keith Alan, cofounder of Material Indicators, pointed to the 200-week simple moving average at $67,755 as a possible downside target. That line last interacted with price in mid-August. He said the macro structure and thin order books leave room for lower prices before a breakout can be validated. The test is possible, not inevitable, and it does not have to happen this week, he added. He also said the weekly view is starting to lean bullish.
Crypto liquidations stayed high in the first half of Monday. CoinGlass put the 24-hour total at $1.2 billion as of 5pm UTC.
