Bitcoin (BTC) fell to around $73,500 late Sunday, its lowest level since August, as more than $1 billion in leveraged crypto positions were liquidated ahead of this week’s U.S. inflation reports.
Key points:
- Bitcoin hit its lowest level since August 21 just before the weekly close on Sunday and then briefly recovered above $75,000.
- Nasdaq 100 futures fluctuated between gains and losses after Nvidia’s board announced an investigation into whether CEO Jensen Huang was targeted by foreign intelligence agencies.
- The US consumer and producer price reports are expected on Tuesday and Friday, respectively. Economist Robin Brooks said falling oil prices could boost Bitcoin.
Crypto liquidations top $1.1 billion
Bitcoin fell below $74,000 just before Sunday’s weekly close, extending last week’s losses, TradingView data showed.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
According to the data, approximately $1.12 billion in leveraged crypto positions were liquidated in the 24 hours ending at 9 a.m. UTC on Monday CoinGlass.
Bitcoin fell below its 50-week simple moving average (SMA) of $75,492 and was approaching its 21-week SMA of $73,078.
BTC/USD one-day chart with 21-week and 50-week SMAs. Source: Cointelegraph/TradingView
Bitcoin was also trading below the short-term holder cost basis that CryptoQuant indicates set on Monday at $75,691. The metric estimates the average cost basis of coins last moved less than 155 days ago.
Bitcoin investor cohort cost basis data. Source: CryptoQuant
A community analyst at CryptoQuant put the cost basis for coins last traded one to three months ago at around $79,300. The analyst said this level could act as resistance if recent buyers sell when they reach breakeven.
“In 2026, the price stayed below this line for months (February-April, June-August) before reaching it again,” the analyst said wrote Monday.
Current Bitcoin buyer profitability data (screenshot). Source: CryptoQuant
Trader Rekt Capital said On Sunday, it said that sales volume would have to increase before sellers showed signs of exhaustion.
“Seller fatigue tends to occur right at or very close to the Bitcoin price low,” Rekt Capital wrote on X.
BTC/USD one-week chart with volume data. Source: Rekt Capital on X.com
Nasdaq futures fluctuate after Nvidia announces investigation
Nvidia’s board said on Sunday it had launched an independent investigation into reports that CEO Jensen Huang was targeted by foreign intelligence agencies. The board said there was no reason to believe that U.S. national security or corporate secrets had been compromised. The Chinese Foreign Ministry rejected the espionage allegations on Monday.
One-hour chart for Nvidia futures. Source: Cointelegraph/TradingView
Nasdaq 100 futures fell early Monday, recovered and then fell again ahead of the US open. S&P 500 and Dow futures were still up, while Nasdaq 100 futures fell.
The investigation followed last week’s tech sell-off as investors weighed the prospects for AI spending and possible changes to U.S. regulation after the midterm elections.
Nasdaq 100 futures five-minute chart. Source: Cointelegraph/TradingView
Economist Mohamed El-Erian called the timing of the investigation “unfortunate” given Nvidia’s importance to the tech sector and the market as a whole.
“The company is systemically important to technology, markets and the economy; investors often have difficulty pricing in key people and governance issues; and there are fluid national security and geopolitical dynamics,” he said wrote in a blog post.
In Asia, the South Korean leading index Kospi closed on Monday with a loss of 0.8% at 5,018.85. The exchange briefly halted trading on Friday after the index fell more than 8% shortly after the open.
KOSPI one-day chart. Source: Cointelegraph/TradingView
South Korea’s Vice Minister for Science and ICT Ryu Jemyung told a parliamentary budget committee on Monday that he expects contracted Nvidia chip deliveries to remain on schedule.
“We assume that production and the delivery schedule for the contracted quantities will proceed without interruption,” he said. after to CNA.
US inflation reports loom as oil prices near $90
The US Bureau of Labor Statistics will release the October Consumer Price Index (CPI) on Tuesday and the Producer Price Index (PPI) on Friday. Both reports are due at 8:30 a.m. ET.
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Consumer prices rose 3.7% year-on-year in September. Gasoline prices rose 9.1% since August, accounting for more than half of the monthly increase in the overall index.
US President Donald Trump told CNN said on Sunday that renewed US attacks on Iran were “highly unlikely” and said the decision depended on whether Tehran had signed an agreement.
West Texas Intermediate crude oil futures were trading around $90 a barrel on Monday morning.
CFDs on WTI crude oil, one-day chart. Source: Cointelegraph/TradingView
Economist Robin Brooks said Sunday that the war was keeping oil prices high and that a drop in the price of crude could boost Bitcoin, stocks and precious metals.
“I’m not saying the risk premium should disappear completely, but can we go to $75 a barrel? Absolutely,” he said.
Brooks predicted that Bitcoin would continue to have a negative correlation with oil as the dust settles around the US midterm elections.
“I think there’s a lot of downside potential for oil and I think that means upside potential for gold on the sidelines, for silver, for the S&P 500 and for Bitcoin,” he continued.
“I think that as oil prices fall, the outlook should be a relatively benign picture, both in terms of the risk premium in the market generally and in terms of interest rates.”
Probability comparison of Fed target interest rates for the December FOMC meeting (screenshot). Source: CME Group
Markets are pricing in a 78.8% chance that the Federal Reserve will raise interest rates by 25 basis points in December, according to data from CME Group FedWatch toolIn the coming days, several Fed officials will take the stage and provide insight into their stance on inflation trends and the economy.
Among them on Tuesday will be Fed Governor Christopher Waller and Vice Chairman Michelle Bowman to discuss the economic outlook. Waller will appear at the Bank of England and its 2026 Watchers Conference in London, while Bowman will speak at the C. Peter McColough Series on International Economics in Washington.
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