That Monday morning wick was a clean, sharp jab. $BTC briefly dipped to around 73500, wiping out leveraged bulls across the board before being pulled back to around 75000. At the same time, Nvidia fell more than 3% after hours, and the perpetual contract linked to $NVDA dropped nearly 4%. Put the two charts side by side, and they almost move in the same breath.
The trigger was Jensen Huang’s apology letter and the board’s launch of an independent investigation. The foreign intelligence angle raised in media reports has not been confirmed by the parties involved. The board has also publicly expressed confidence in management. What the market is really pricing in is whether governance uncertainty at the AI computing leader could spill over into the policy arena. For now, requests for an explanation are still being handled in closed-door briefings, and public hearings remain some way off, so sentiment could cool at any moment.
Crypto was already on shaky ground. It had fallen for five straight weeks, with the weekly close below the 50-week moving average. Spot ETFs saw net outflows of about $12.8 billion last week, and the jobs report pushed rate-hike expectations higher again. Rising rate expectations, pressure on tech stocks, and ETF outflows were already piling up. The Nvidia news was more like a spark landing on dry tinder; it wouldn’t be fair to pin the entire price move on it.
Two price levels matter most from here. Around 75000, the 120-day and 50-week moving averages converge. A sustained move back above them would suggest that the morning’s drop was mainly a leveraged-position flush. If 74000 is breached again on heavy volume, the pressure will be more than just a retest after liquidations. Nvidia’s earnings on November 18 and the U.S. October CPI report will provide answers from the AI narrative and interest-rate perspectives, respectively.
The trigger was Jensen Huang’s apology letter and the board’s launch of an independent investigation. The foreign intelligence angle raised in media reports has not been confirmed by the parties involved. The board has also publicly expressed confidence in management. What the market is really pricing in is whether governance uncertainty at the AI computing leader could spill over into the policy arena. For now, requests for an explanation are still being handled in closed-door briefings, and public hearings remain some way off, so sentiment could cool at any moment.
Crypto was already on shaky ground. It had fallen for five straight weeks, with the weekly close below the 50-week moving average. Spot ETFs saw net outflows of about $12.8 billion last week, and the jobs report pushed rate-hike expectations higher again. Rising rate expectations, pressure on tech stocks, and ETF outflows were already piling up. The Nvidia news was more like a spark landing on dry tinder; it wouldn’t be fair to pin the entire price move on it.
Two price levels matter most from here. Around 75000, the 120-day and 50-week moving averages converge. A sustained move back above them would suggest that the morning’s drop was mainly a leveraged-position flush. If 74000 is breached again on heavy volume, the pressure will be more than just a retest after liquidations. Nvidia’s earnings on November 18 and the U.S. October CPI report will provide answers from the AI narrative and interest-rate perspectives, respectively.