Bitcoin slid to roughly $73,500 late Sunday, its lowest level since August, as a wave of leveraged liquidations hit the market ahead of a busy week of US macro data. More than $1 billion in leveraged crypto positions were liquidated within 24 hours into Monday morning, adding to selling pressure as BTC tested key technical areas.

At the same time, traditional markets mixed signals. Nasdaq 100 futures swung after Nvidia announced an independent investigation into reports alleging CEO Jensen Huang was targeted by a foreign intelligence operation—an event that rattled risk sentiment just as traders positioned for US inflation prints.

Key takeaways

Bitcoin fell to about $73,500 late Sunday, near its lowest since Aug. 21, briefly recovering above $75,000 before slipping again.
CoinGlass data shows roughly $1.12 billion in leveraged crypto liquidations in the 24 hours through 9 am UTC Monday.
BTC traded below its 50-week simple moving average ($75,492) and approached its 21-week SMA ($73,078).
US CPI (Tuesday) and PPI (Friday) are set to drive volatility, with oil prices near $90 potentially influencing the inflation narrative.
Nvidia’s board probe contributed to early-morning volatility in Nasdaq 100 futures, complicating the risk backdrop for crypto.

Liquidations amplify a technical breakdown

According to TradingView data cited in the report, Bitcoin slipped below $74,000 shortly before the weekly close and extended losses into Monday. The selloff pushed BTC below its 50-week simple moving average of $75,492 and toward the 21-week SMA at $73,078.

The magnitude of forced selling appears closely linked to derivatives positioning. CoinGlass data indicates that about $1.12 billion in leveraged crypto positions were liquidated over the 24 hours through 9 am UTC Monday. While liquidations don’t reveal direction by themselves, the timing often matters: when price is already under pressure, leverage unwind can accelerate declines and increase the odds of momentum traders joining the exit.

The selloff also intersected with investor cost-basis estimates. CryptoQuant data referenced in the article placed the holder cost basis for coins last moved less than 155 days ago at about $75,691 on Monday. A separate CryptoQuant community analyst estimated the cost basis for coins last moved one to three months ago around $79,300, adding a potential “ceiling” if recent buyers begin selling into strength at or near break-even levels.

That analyst noted that in 2026 price had remained below this reference line for stretches—citing February through April and June through August—before later reclaiming it. The implication is that the market may be working through a multi-month re-rating of who holds BTC at what cost, rather than a quick, single-week fluctuation.

Another trader highlighted a similar theme. Trader Rekt Capital said on X that selling volume would need to rise before sellers show signs of exhaustion, adding that exhaustion often occurs near the bottom. For traders, this frames the current range as a “process” rather than an event: if liquidity keeps draining through leverage unwinds, capitulation markers could be delayed or appear in multiple waves.

Nvidia’s probe stirs Nasdaq futures as AI and geopolitics overlap

Nvidia’s board announced Sunday that it launched an independent investigation after reports claimed CEO Jensen Huang was targeted by a foreign intelligence effort. The board said it had no reason to believe US national security or company secrets were compromised, while China’s foreign ministry denied the allegations, according to the report.

In the markets, the reaction was not one-directional. Nasdaq 100 futures fell early Monday, recovered, then turned lower again ahead of the US open. The report also noted that S&P 500 and Dow futures were still up as Nasdaq 100 moved down—suggesting investors were selectively re-pricing the tech-heavy index rather than broadly stepping away from equities.

The probe arrived on top of last week’s technology sell-off tied to concerns over the outlook for AI spending and potential changes to US regulation after the midterm elections, the report said. In that context, governance and key-person risk can matter because it introduces uncertainty at the exact moment investors want clarity on corporate stability and strategic execution.

Economist Mohamed El-Erian described the timing as “unfortunate,” arguing that Nvidia is systemically important to the tech sector and that investors often struggle to price key-person and governance issues amid “fluid national security and geopolitical dynamics.”

Broader regional equity signals were mixed as well. The report said South Korea’s Kospi closed down 0.8% at 5,018.85 on Monday. It also cited that South Korea had briefly halted trading Friday after the index dropped more than 8% early in the session.

Separately, South Korean Vice Minister of Science and ICT Ryu Jemyung told a parliamentary budget committee Monday that contracted Nvidia chip deliveries were expected to stay on schedule. The report attributes that statement to Channel News Asia.

Inflation week and oil near $90 set the tone for risk assets

Bitcoin’s timing for this pullback aligns with a macro calendar that can quickly alter liquidity expectations. The US Bureau of Labor Statistics will release October’s Consumer Price Index (CPI) on Tuesday and Producer Price Index (PPI) on Friday, both scheduled for 8:30 am ET, according to the report.

Recent inflation data referenced in the article showed consumer prices rising 3.7% year over year in September, with gasoline prices up 9.1% from August and accounting for more than half of the monthly increase in the overall index. That detail matters because energy-driven inflation can influence how traders interpret whether rate cuts are likely or delayed.

Oil was trading near $90 per barrel Monday morning, according to the report, and economist Robin Brooks argued that easing crude could lift Bitcoin and other risk assets. In a statement carried by the report, Brooks said he wasn’t suggesting the entire risk premium would vanish, but pointed to the possibility that oil could move toward $75 a barrel—an outcome that could support a more favorable environment for Bitcoin, stocks, precious metals, and silver.

Brooks also forecast that Bitcoin could maintain a negative correlation with oil as the “dust settles” after the US midterm elections. While correlations are never guaranteed, this framing helps traders decide what to monitor: not only BTC-specific catalysts, but also whether energy prices move enough to shift broader rate expectations.

Rate expectations are already in focus. The report cited CME Group’s FedWatch Tool, showing markets pricing 78.8% odds of a 25 basis-point hike in December. It added that several Fed officials are scheduled to speak in the coming days, including Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman on Tuesday, which could influence how traders read the data being released this week.

What to watch next

With BTC under key moving averages and leveraged liquidation pressure fresh in traders’ minds, the next decisive catalyst is likely macro: CPI and PPI can quickly reshape interest-rate expectations, while oil and Fed communication may determine whether risk appetite rebounds or remains capped. If liquidations ease but price continues to hold above the 21-week SMA area, traders may shift from “forced selling” to “value testing”—otherwise, the market could keep flushing toward deeper support before stabilization.