Bitcoin has fallen below a key support level as the tech sector reacts to news that Nvidia CEO Jensen Huang is stepping down. $BTC is trading near $71,878, down 3.0% in 24 hours and 5.6% over the week, according to market data. Ethereum has dropped to $2,011.98, down 3.2% on the day and 10.8% over seven days.
Huang Exits, CFO Steps In
Nvidia said Thursday that Huang is stepping down as CEO of the chipmaker he co-founded 33 years ago and grew into a $4 trillion company. Chief Financial Officer Colette Kress will serve as interim CEO while the board seeks a permanent replacement from internal and external candidates.
“The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption,” board chair Harvey Jones said. Huang, 63, was not quoted in the release.
His departure follows reports about his relationship with a woman whom US intelligence reportedly believed to be a Chinese spy, as well as a separate report of a second affair with an Nvidia executive. Crypto has been moving closely with AI and tech stocks, so the shake-up at the sector’s biggest company adds to the pressure.
Bitcoin Loses Its Second Line Of Support
An analyst tracking Bitcoin across several timeframes identified five key support levels below the price as of November 7. Two have now been breached:
- 50-week moving average, about $75,200: was lost after Bitcoin closed below it for a week, the first such close since September
- Weekly Ichimoku baseline, about $72,600: held on November 10, when Bitcoin reversed within about $130 of the level, but has now been breached
- 200-week average, about $68,000: is the next major support
- Weekly Supertrend, about $66,800: remains bullish
- This year’s most traded price, about $64,300: marks the bottom of the support zone
Bitcoin is also trading in a “thin”-volume area between about $71,600 and $75,200, where little trading has taken place this year. Prices can move quickly through zones like this.
Bitcoin Price Prediction: How Low Can $BTC Go?
Next support levels:
- About $71,250: the next Fibonacci level
- About $67,900 to $68,000: is a deeper Fibonacci level, along with the 200-week average
- $63,300:: A sustained break below this level would invalidate the bullish view and open the door to new lows
What would signal a recovery:
- A move back above $72,600, followed by a rise above the 50-week average near $75,200
- A break above about $79,200 would be the first serious indication of a bottom
- A move above about $81,200 would confirm a bottom, with $100,000 or more possible afterward
