Bitcoin Price Dips Below $75k as Nvidia Scandal Weighs on Crypto
Bitcoin (BTC) is down 1.43% to $74,763 in 24 hours, underperforming a slightly weaker broader market, amid macro uncertainty and forced selling.
It shows a strong correlation (0.88) with the S&P 500, indicating a shared macro-driven move. Geopolitical and corporate scandal headlines, coupled with institutional ETF outflows, triggered a massive liquidation cascade.
Negative headlines over the weekend pressured sentiment. Reports involved a scandal around Nvidia’s CEO and stalled U.S.-Iran negotiations. This largely risk-off tone reflects the prospect of a deeper selloff in tech stocks.
NVDA, the AI bellwether and the largest stock by market value, is already down more than 4% in pre-market trading. The reason: On Sunday, CEO Jensen Huang’s accepted having an affair with a suspected Chinese spy, and the company opened an investigation into the matter.
Bitcoin spot exchange-traded funds also saw significant capital flight last week, with net outflows totalling $1.28 billion. BlackRock’s IBIT led the redemptions at $1.2 billion, marking a stark shift in momentum for the previously dominant ETF.
However, Fidelity’s FBTC bucked the trend, posting $93 million in inflows, suggesting divergent institutional appetite across fund managers.
With total ETF net assets at $95.9 billion, this outflow streak suggests short-term profit-taking or portfolio rebalancing by large institutional holders, potentially capping Bitcoin’s immediate upside until inflows resume.
The market reacted sharply to risk-off narratives and tangible selling from regulated products, forcing leveraged positions to unwind.
The total crypto market cap fell 1.67%, showing Bitcoin’s move was part of a broader risk-off shift. Technically, Bitcoin broke below its 50-week moving average and the key $75,700 level. It is now testing the Fibonacci 78.6% retracement support near $74,164.
The breakdown of major support levels confirms bearish momentum and increases selling pressure from holders recently underwater. A daily close back above the 50% Fibonacci level at $74,830 would signal short-term strength.
The key immediate trigger is the U.S. Consumer Price Index (CPI) report for October, released on Tuesday, November 10. Economists expect annual inflation to rise to 3.9%, which could reinforce expectations of a December Fed rate hike.
If CPI data comes in softer than expected, it could relieve macro pressure and help Bitcoin stabilise above the $73,664 swing low, targeting a reclaim of $75,700.
However, a hot print could intensify selling, with a break below $73,664 opening a path toward the next major support near $70,000.
The market is in a holding pattern, with macro data poised to dictate the next significant move. A perfect storm of negative headlines, institutional outflows, and derivative unwinding amplified Bitcoin’s decline.
Traders said the path of least resistance remains down until key technical levels are reclaimed or macro sentiment improves, noting that AI equity selloffs affect crypto performance.
Russell Thompson, CIO at Hilbert Group, warned Bitcoin could drop to $65,000 if a key trend line breaks, as AI and chip-stock losses may force margin-call selling. Thompson expects some capital to return after deleveraging but warns of near-term selling pressure. #Bitcoin Price Dips Below $75k as Nvidia Scandal Weighs on Crypto# Bitcoin Price Rises to $75.6k, Buying Conviction Still Low
