Bitcoin Eyes $73K Amid Nvidia Volatility: Key Weekly Insights

Bitcoin experienced a sharp decline, hitting its lowest point since mid-August, as reports concerning Nvidia contributed to selling pressure across stock market futures.

Bitcoin (BTC) dipped to approximately $73,500 late Sunday, marking its lowest level since August. This downturn occurred as over $1 billion in leveraged crypto positions were liquidated in anticipation of key US inflation data releases this week.

Key Developments

Bitcoin slipped below the $74,000 mark shortly before Sunday’s weekly close, extending the losses incurred last week, according to TradingView data.

Approximately $1.12 billion in leveraged crypto positions were liquidated in the 24 hours leading up to 9 am UTC on Monday, CoinGlass reported.

The cryptocurrency fell below its 50-week simple moving average (SMA) of $75,492 and approached its 21-week SMA of $73,078.

Bitcoin also traded below the short-term holder cost basis, which CryptoQuant estimated at $75,691 on Monday. This metric reflects the average cost basis for coins that have been held for less than 155 days.

A CryptoQuant community analyst noted that the cost basis for coins held for one to three months is around $79,300. This level, the analyst suggested, could act as resistance if recent buyers, looking to break even, decide to sell. “In 2026, the price stayed below this line for months at a time (Feb–Apr, Jun–Aug) before reclaiming it,” the analyst stated on Monday.

Trader Rekt Capital observed on Sunday that selling volume would need to increase before any signs of seller exhaustion emerge. “Seller exhaustion tends to happen exactly at or very close to a Bitcoin price bottom,” Rekt Capital posted on X.

Nvidia Investigation and Market Reaction

Nvidia’s board announced on Sunday that it has initiated an independent investigation into reports alleging that CEO Jensen Huang was targeted by a foreign intelligence operation. The board stated it has no reason to believe that US national security or company secrets have been compromised. China’s foreign ministry denied the spying allegations on Monday.

Nasdaq 100 futures experienced a dip early Monday, recovered, and then turned lower again ahead of the US market open. S&P 500 and Dow futures remained positive as Nasdaq 100 futures declined.

This investigation follows a tech sell-off last week, during which investors assessed the outlook for artificial intelligence spending and potential regulatory changes in the US post-midterm elections.

Economist Mohamed El-Erian described the timing of the probe as “unfortunate,” given Nvidia’s critical role in the tech sector and the broader market. “The company is systemically important for tech, markets and the economy; Investors tend to struggle to price in key-person and governance issues; and there are fluid national security and geopolitical dynamics,” he wrote in a blog post.

In Asia, South Korea’s benchmark Kospi index closed down 0.8% at 5,018.85 on Monday. Trading on the exchange was briefly halted on Friday after the index dropped more than 8% shortly after opening.

South Korean Vice Minister of Science and ICT Ryu Jemyung informed a parliamentary budget committee on Monday that he anticipates contracted Nvidia chip deliveries will remain on schedule. “We expect production and the delivery schedule for contracted volumes to proceed without disruption,” he said, according to CNA.

Economic Data and Geopolitical Factors

The US Bureau of Labor Statistics is scheduled to release October’s Consumer Price Index (CPI) on Tuesday and the Producer Price Index (PPI) on Friday, both at 8:30 am ET.

In September, consumer prices rose 3.7% year-over-year. Gasoline prices increased by 9.1% from August, accounting for over half of the monthly rise in the overall index.

US President Donald Trump told CNN on Sunday that renewed US strikes on Iran were “highly unlikely” and contingent on Tehran signing an agreement.

West Texas Intermediate crude futures traded near $90 a barrel on Monday morning.

Economist Robin Brooks suggested on Sunday that the ongoing conflict is keeping oil prices elevated and that a decline in crude could boost Bitcoin, stocks, and precious metals. “I’m not saying that risk premium should disappear completely, but can we go to $75 a barrel? Absolutely,” he stated. Brooks forecasts that Bitcoin will continue to exhibit a negative correlation with oil as the US midterm elections conclude. “I think there’s a lot of downside for oil and I think that means upside for gold at the margin, for silver, the S&P 500 and for Bitcoin,” he added.

As markets price in a 78.8% probability of the Federal Reserve raising interest rates by 25 basis points in December, according to data from CME Group’s FedWatch Tool, several Fed officials are expected to speak in the coming days. Their remarks will offer insights into their views on inflation trends and the economy. Fed Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman are scheduled to discuss the economic outlook on Tuesday. Waller will speak at the Bank of England and its Watchers Conference 2026 in London, while Bowman will address the C. Peter McColough Series on International Economics in Washington.