Bitcoin, tech stocks brush off Nvidia nerves as analyst mulls $68K target

Bitcoin (BTC) returned above $75,000 after Monday’s Wall Street open as tech stocks rebounded.

Key points:

• Bitcoin bounced from 11-week lows of $73,500 on Monday as investors added tech-stock exposure.
• Stock markets moved beyond controversy surrounding Nvidia CEO Jensen Huang, with the Nasdaq Composite Index gaining up to 2.6% on Monday.
• BTC price analysis saw the potential for a dip toward the 200-week simple moving average trend line at $67,755.

Bitcoin, stocks shake off Nvidia jitters

Data from TradingView showed BTC/USD up 0.8%, having dipped as low as $73,500 on Sunday, a level not seen since Aug. 21.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The weakness accompanied news that Nvidia CEO Jensen Huang may have been the target of a Chinese intelligence effort, a claim Beijing subsequently denied. Nvidia stock fell about 6% to $170.24 on Monday early trading, a level it last traded at on March 31, before rebounding to session highs of $179.92.

Nvidia stock one-day chart. Source: Cointelegraph/TradingView

In a Sunday note, Dan Ives, senior managing director at merchant bank Yorkville Ives & Co., warned that the episode could create lasting headwinds for Nvidia’s share price.