Bitcoin recovers above $75,000
Bitcoin moved back above $75,000 after the US market opened on Monday, recovering from a weekend dip. Data from TradingView showed BTC/USD up about 0.8% on the day. The pair had fallen to $73,500 on Sunday, a level last seen on Aug. 21.
The bounce came as tech stocks found buyers after an early selloff. The Nasdaq Composite gained 2.5% in the first hour of trading. That helped risk assets steady, though crypto trading remained choppy.
Nvidia news rattles markets, then fades
The early weakness followed reports that Nvidia CEO Jensen Huang may have been the target of a Chinese intelligence effort. Beijing denied the claim. Nvidia shares dropped about 6% to $170.24 in early trading, then rebounded to a session high of $179.92.
Dan Ives of Yorkville Ives & Co. warned the episode could hang over the stock, according to CNBC. Former SEC chair Gary Gensler said Nvidia’s board would face tough choices depending on the company’s internal investigation. I think the market reaction showed how quickly traders moved from headline risk to buying the dip.
Oil and moving averages in focus
Falling oil prices also supported equities and gave Bitcoin room to recover. US WTI crude fell to $86.19 per barrel, its lowest since Sep. 1, before trading near $88.20. Economist Robin Brooks repeated his view that gold, Bitcoin, and the S&P 500 have shown a negative correlation to oil after the September attack on Saudi Arabia’s East-West Pipeline. He argued that lower oil prices could lift those risk assets, even if the relationship weakens.
On the charts, BTC/USD stayed between its 21-week and 50-week simple moving averages at $73,078 and $75,492. Keith Alan, cofounder of Material Indicators, saw room for a test toward the 200-week SMA near $67,755, roughly the $68K zone. He said the macro structure and thin order books leave space for lower prices before a breakout is confirmed. But he also noted that the weekly view is starting to lean bullish. That test is possible, he said, not inevitable.
Crypto liquidations stayed high. CoinGlass put the 24-hour total at $1.2 billion as of 5pm UTC. For now, Bitcoin is holding above $75,000, but traders are still watching tech headlines and oil moves for the next signal.
