Bitcoin climbed back above $75,000 after the US market opened on Monday, tracking a rebound in technology shares. Data from TradingView showed BTC/USD up about 0.8% on the day. The pair had slipped to $73,500 on Sunday, a low not seen since Aug. 21.
Nvidia news hits sentiment
The move came as investors weighed claims about Nvidia CEO Jensen Huang and a possible Chinese intelligence effort. Beijing denied the claim. Nvidia stock fell roughly 6% to $170.24 in early trading, then recovered to a session high near $179.92. Dan Ives of Yorkville Ives & Co. said the episode could weigh on the stock, with congressional inquiries likely. Former SEC chair Gary Gensler said the board would face tough choices depending on the company’s internal review.
Tech and oil set the tone
Tech buyers stepped in anyway. The Nasdaq Composite gained 2.5% in the first hour of US trading. Falling oil also helped. US WTI crude dropped to $86.19 a barrel, its lowest since Sep. 1, before recovering to about $88.20. Economist Robin Brooks repeated his view that gold, Bitcoin and the S&P 500 have moved inversely to oil since the September attack on Saudi Arabia’s East-West Pipeline. He argued that lower oil prices can lift these risk assets, even if the relationship weakens over time.
Bitcoin’s technical test
Bitcoin traded in a narrow band between its 21-week and 50-week simple moving averages on Monday. Those levels sat at $73,078 and $75,492, respectively. Keith Alan, cofounder of Material Indicators, pointed to the 200-week SMA at $67,755 as a possible downside target. But he did not call it certain. In his view, the macro structure and thin order books leave room for lower prices before a breakout is confirmed. He also said the weekly chart is starting to lean bullish, and any test of the lower level may not happen this week.
Liquidations stayed high in the first half of Monday. CoinGlass put the 24-hour total at $1.2 billion as of 5 pm UTC. For now, Bitcoin is holding above $75,000, but the market still looks sensitive to tech earnings, oil moves and any new details around Nvidia.
