With no crypto-specific trigger, bitcoin is trading as a high-beta proxy for wider risk appetite, so tonight’s Nvidia open is the key test. A heavy tech sell-off would likely keep pressure on the token. A calm open could see the dip bought. The 200-day moving average, a little above $73,000, is the next level traders are likely to defend. A clean break would put the longer-term uptrend in question. Persistent ETF outflows suggest institutional buyers aren’t rushing to step in at current levels.
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Earlier:
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Bitcoin is drifting lower on a nervous Monday morning, with no crypto news of its own, which leaves Nvidia and Wall Street’s tech mood as the likeliest guides for where the token heads next.
Summary:
- Bitcoin fell below $75,000 early in the Asian session, trading around $74,500.
- No crypto-specific catalyst was evident. The move coincides with a more cautious tone across risk assets.
- Traders are bracing for Nvidia’s first session since CEO Jensen Huang’s admission and the board’s independent investigation.
- Bitcoin is down around 3% on the week and about 8% on the month, roughly 40% below its record high.
- US spot bitcoin ETFs saw outflows of nearly $1.3 billion in the five sessions to November 6.
- The token sits below its 50-day moving average but above its 200-day, which is just over $73,000.
Bitcoin slipped below $75,000 early in the Asian session on Monday, trading around $74,500. The move extends a soft run that has left the world’s largest cryptocurrency about 40% below its record high.
There was no obvious crypto-specific catalyst behind the move. Instead, the dip lines up with a more cautious tone across risk assets as traders prepared for the first US session since Nvidia chief executive Jensen Huang admitted to a relationship with a business executive whom US officials reportedly suspect of working for Chinese intelligence. Nvidia’s board has opened an independent investigation. It says it has no reason to believe secrets were compromised, but the episode adds headline risk to the stock that has done more than any other to carry the AI trade. Bitcoin has tended to trade alongside technology and growth shares in recent months, so a wobble in that complex can quickly spill over.
The weekend also brought a suspected Iranian drone strike on a major gas field in Iraq’s Kurdistan region. It was a reminder that geopolitical risk remains elevated despite more conciliatory signals from Washington on Iran.
The broader picture for bitcoin was already fragile. Price trackers show the token down around 3% over the past week and roughly 8% over the past month. It briefly pushed above $80,000 after last week’s US midterm elections before fading. US spot bitcoin exchange-traded funds recorded outflows of nearly $1.3 billion in the five sessions to November 6, pointing to cooling institutional demand.
On the charts, bitcoin sits well below its 50-day moving average, near $82,000, but still above its 200-day average, which comes in a little above $73,000. That longer-term average is the next area traders are likely to watch if selling pressure builds.
Whether the move deepens is likely to depend less on crypto news than on how Nvidia and the wider technology sector trade once Wall Street opens.
As Bitcoin has become more mainstream the factors shoving the price are also more mainstream.
This article was written by Eamonn Sheridan at investinglive.com.