Bitcoin has broken below an important support level as the tech sector absorbs the 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 slipped to $2,011.98, down 3.2% on the day and 10.8% over seven days.
Huang Exits, CFO Steps In
Nvidia said on Thursday that Huang is stepping down as CEO of the chipmaker he co-founded 33 years ago and built into a $4 trillion company. Chief Financial Officer Colette Kress will serve as interim CEO while the board searches for a permanent replacement among 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 exit follows reports of his relationship with a woman US intelligence reportedly believed to be a Chinese spy, and a separate report of a second affair with an Nvidia executive. Crypto has been trading closely with AI and tech stocks, so the shake-up at the sector’s biggest name adds to the pressure.
Bitcoin Loses Its Second Line Of Support
According to an analyst who tracks Bitcoin across several timeframes, five key support lines sat below the price as of November 7. Two have now given way:
- 50-week moving average, about $75,200: lost after Bitcoin closed a week below it for the first time since September
- Weekly Ichimoku baseline, about $72,600: held on November 10, when Bitcoin turned within about $130 of it, but has now broken
- 200-week average, about $68,000: the next major support
- Weekly Supertrend, about $66,800: still bullish
- This year’s most traded price, about $64,300: 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: a deeper Fibonacci level and the 200-week average
- $63,300: a sustained break below this would invalidate the bullish view and open the door to new lows
What would signal a recovery:
- A move back above $72,600, then the 50-week average near $75,200
- A break above about $79,200 would be the first serious sign of a bottom
- A move above about $81,200 would confirm it, with $100,000 or more possible after that
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