Original Coverage & Source Attribution: en.bloomingbit.io
Summary
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- Bitcoin recovered the $75,000 level after plunging on fallout from the Nvidia scandal and a stalemate in U.S.-Iran talks.
- Sharp price swings triggered more than $1 billion in forced liquidations in crypto futures, with long positions accounting for $913 million of the total.
- CoinDesk said $73,150 is a key support level and $77,430 is resistance, adding that a break above the upper resistance level will be crucial.
Forecast Trend Report by Period
Bitcoin plunged on fallout from a scandal involving Nvidia Chief Executive Officer Jensen Huang and a stalemate in U.S.-Iran talks, then recovered the $75,000 level.
CoinDesk reported on Nov. 9 that Bitcoin fell as low as $73,761 in the previous session, its lowest since August. Bargain buying then emerged, lifting the token by more than $1,200 in a short span and briefly pushing it back above $75,000. It was recently trading at $74,841 after paring part of the rebound.
Ether followed a similar pattern. It slipped below $2,100 at one point before rising to around $2,144. Even with the rebound in major cryptocurrencies, volatility across the broader market remained elevated.
The sharp drop was attributed to a combination of uncertainty surrounding Nvidia and geopolitical tensions in the Middle East. Nvidia’s board has opened an investigation into Huang’s relationship with a woman alleged to have ties to Chinese intelligence agencies. Huang acknowledged an extramarital relationship, while Nvidia said there was no evidence that national security or company secrets had been compromised.
Risk appetite also weakened after U.S. Secretary of State Marco Rubio said talks with Iran had failed to make progress. The prospect of higher global oil prices tied to Middle East tensions also weighed on the crypto market.
The abrupt price swings triggered large-scale liquidations in derivatives markets. More than $1 billion in crypto futures positions were liquidated over the past 24 hours, CoinGlass data showed. Of that total, $913 million came from long positions. Ether and Bitcoin accounted for $448 million and $272 million, respectively.
Market participants say it remains unclear whether Bitcoin can extend its rebound after reclaiming $75,000. Investor reaction after the U.S. stock market opens, especially to Nvidia-related developments and the deadlock in Iran talks, will be a key variable.
CoinDesk said the 200-day moving average at $73,150 is a key support level, while the 100-day moving average at $77,430 stands as resistance. A break above that upper resistance level will be critical if Bitcoin is to sustain its rebound.
