Bitcoin rebounds above $75,000 as tech stocks shake off Nvidia claims

Key points

• Bitcoin fell to $73,500 on 8 November, its lowest since 21 Aug, before climbing back above $75,000 on Monday.
• Nvidia shares dropped about 6% to $170.24 before rebounding to $179.92 as the Nasdaq Composite gained up to 2.6%.
• Material Indicators cofounder Keith Alan flagged the 200-week simple moving average at $67,755 as a possible test.

Bitcoin rebounded above $75,000 after Monday's Wall Street open, recovering from an 11-week low of $73,500 reached on 8 November, Cointelegraph reports. The bounce came as tech stocks rallied, with the Nasdaq Composite gaining up to 2.6% despite a sharp sell-off in Nvidia shares.

The stock fell about 6% to $170.24 in early trading, a level last seen on 31 March, before recovering to $179.92. Dan Ives of Yorkville Ives & Co. called the episode a "black eye moment" for Huang that could weigh on the shares, while former SEC chair Gary Gensler said the board would face tough choices.

Falling oil prices also helped risk assets. US WTI crude dropped to $86.19 a barrel, its lowest since 1 September, before recovering to around $88.20. Economist Robin Brooks said lower oil prices should lift gold, Bitcoin and the S&P 500 given their negative correlation to crude.

Bitcoin traded between its 21-week and 50-week simple moving averages of $73,078 and $75,492. Keith Alan, cofounder of Material Indicators, pointed to the 200-week average at $67,755 as a possible test, though he said the weekly view was starting to lean bullish. CoinGlass put 24-hour crypto liquidations at $1.2bn as of 5pm UTC on Monday.

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