Analyst Sets $68K Bitcoin Target as Tech Stocks Dampen Nvidia Fears

Bitcoin reclaimed levels above $75,000 after the Wall Street open on Monday, bouncing from fresh 11-week lows near $73,500. The move coincided with a rebound in tech stocks as traders pared back concerns sparked by news-related jitters around Nvidia.

While BTC has been trading with volatility, Monday’s price action also reflected ongoing liquidation activity across crypto derivatives—an environment that can amplify both sell-offs and short-covering rallies.

Key takeaways

• BTC rose back above $75,000 after dropping to roughly $73,500 on Monday, its weakest level since Aug. 21, according to TradingView data.
• Equities—especially the Nasdaq Composite—gained as investors looked past a report involving Nvidia CEO Jensen Huang that Beijing denied.
• Market analysts highlighted a potential downside test toward the 200-week simple moving average around $67,755 if risk conditions worsen.
• CoinGlass data showed crypto liquidations totaling about $1.2 billion over the prior 24 hours as of 5pm UTC, keeping leverage risk in focus.

Tech stocks regain footing after Nvidia headlines

TradingView data showed BTC/USD up about 0.8% on the day following Sunday’s weakness. Monday’s low near $73,500 marked the lowest point since Aug. 21, and it came as investors reassessed broader risk appetite tied to major technology names.

One driver was a claim that Nvidia CEO Jensen Huang may have been the target of a Chinese intelligence effort—an allegation Beijing denied. Nvidia shares fell roughly 6% to around $170.24 in early trading before rebounding toward session highs near $179.92.

Coverage referenced remarks from Dan Ives, senior managing director at Yorkville Ives & Co., who characterized the episode as a “black eye moment” for Huang and warned it could create a persistent overhang for Nvidia. CNBC reported the comments, and also noted that former SEC chair Gary Gensler said Nvidia’s board would face “tough choices” depending on the findings of the company’s internal investigation, per a CNBC segment.

As those fears eased, the Nasdaq Composite climbed as much as about 2.6% during Monday’s session, with a strong rebound in the first hour of US trading cited in the market coverage.

Oil eases and correlations favor risk assets

Beyond Nvidia-specific news, commodities also played a role in the day’s risk dynamics. Falling oil prices supported equities and, by extension, helped Bitcoin find breathing room.

WTI crude dropped to about $86.19 per barrel earlier Monday—its lowest level since Sep. 1—before recovering toward roughly $88.20, based on the figures cited. The same reporting highlighted economist Robin Brooks’ view that Bitcoin’s relationship with gold and the S&P 500 can be influenced by oil-market shocks, pointing back to the September attack on Saudi Arabia’s East-West Pipeline, a key oil transit route.

Brooks argued that even if correlations do not remain stable indefinitely, falling oil can still lift broader “risk assets,” giving BTC some support during Monday’s rebound.

Traders watch moving-average levels and leverage clearing

On the technical side, BTC’s Monday trading was described as a range between key weekly moving averages. The 21-week simple moving average (SMA) sat around $73,078, while the 50-week SMA was near $75,492, according to the market levels cited.

Keith Alan, cofounder of Material Indicators, discussed the possibility of a deeper pullback toward the 200-week SMA near $67,755. In the referenced analysis, that trend line last interacted with price in mid-August. Alan also suggested that conditions on weekly time frames were gradually improving, while emphasizing that any test lower is possible rather than guaranteed.

In other words, Monday’s rebound may not erase the broader question traders are asking: whether BTC can stabilize above major moving averages without another wave of forced selling.

That question is tied to leverage. Liquidations remained elevated in the first half of Monday. According to CoinGlass liquidation data, the 24-hour total was about $1.2 billion as of 5pm UTC. Persistent liquidation prints often indicate that leveraged positions are still being unwound, which can increase the odds of sharp price swings—up or down—depending on order flow.

What to monitor next for BTC

Bitcoin has shown it can bounce quickly when equities stabilize, but the combination of key moving-average resistance and heavy liquidation activity means traders will likely keep a close eye on whether BTC holds above the $75,000 area and whether any renewed weakness develops toward the $67,755 200-week SMA level.

For now, the market’s next signal may come from how equities respond to ongoing developments around major technology headlines and whether oil-driven risk conditions continue to improve—or reverse.

This article was originally published as Analyst Sets $68K Bitcoin Target as Tech Stocks Dampen Nvidia Fears on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.