Bitcoin The currency fell to a 14-month low on Tuesday before rebounding above $76,000 as turmoil in the tech sector rattled markets.
The largest cryptocurrency fell to $72,900 in early U.S. trading, its lowest level since the election of Donald Trump in November 2024. BTC has since rebounded 5% from the lows, climbing to $76,800 before gains faded again. Ethereum’s Ethereum Bitcoin rebounded 10% from session lows to over $2,300 before giving back some of its gains, according to CoinDesk data.
Stocks rebounded as Congress reached a deal to end the partial government shutdown, providing some short-term relief.
Nvidia CEO Jensen Huang appeared on CNBC to refute speculation about friction between the chipmaker and OpenAI, further easing pressure on risk assets. “There is no controversy at all. This is complete nonsense,” Huang said, reaffirming Nvidia’s commitment to invest in OpenAI’s next round of financing. His comments come amid growing concerns about the stability of ChatGPT creator OpenAI, a key driver of the artificial intelligence-fueled rally in tech stocks.
Still, the cryptocurrency’s sharp decline has left some damage. According to data from CoinGlass, total liquidations of digital asset derivatives surged to $740 million in the past 24 hours. Long positions betting on price increases were the first to be affected, with $287 million in BTC long positions and $267 million in ETH long positions being cleared.
technical violation
Despite the rally, Bitcoin’s move away from the April 2025 “tariff mania” lows marks a key technical breakdown, raising the risk of further pullbacks.
Still, overwhelming bearish sentiment could set the stage for a short-term counter-trend rebound, said Benjamin Cowen, founder of Into The Cryptoverse analytics firm. He noted that historically, when Bitcoin sweeps past previous lows, it often triggers a relief rally.
He also warned that if Bitcoin fails to rebound soon, it could lead to a “midterm election hellish year,” referring to Bitcoin’s past bear markets such as 2022 and 2018, which also coincided with the U.S. midterm elections.
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