Bitcoin targets $81K milestone following Nvidia's stellar earnings that elevate risk markets
Cryptocurrency markets including Bitcoin experienced renewed upward momentum alongside US equities following Nvidia's second quarter results that surpassed forecasts by approximately $4 billion.
Bitcoin (BTC) staged a recovery movement approaching the $81,000 level coinciding with Thursday's opening bell on Wall Street, propelled by Nvidia's impressive quarterly results that lifted US equities.
Key points:
- Bitcoin successfully recovers the $80,000 threshold following Nvidia's $96.2 billion quarterly earnings report that energized both cryptocurrency markets and US stock indices.
- Market participants are maintaining elevated anticipation ahead of Federal Reserve chair Kevin Warsh's main address at Friday's Jackson Hole economic symposium.
- Technical evaluation of Bitcoin suggests diminishing selling pressure beyond the $82,000 level in advance of the $6.6 billion options expiration scheduled for August.
Nvidia earnings beat sends stocks, crypto higher
Information from TradingView revealed that BTC/USD achieved fresh local peaks at $80,808, as market bulls once more attempted to establish the $80,000 level as a solid foundation of support.
Nvidia delivered an unexpected positive performance following Wednesday's market close, revealing second quarter earnings totaling $96.2 billion — representing almost $4 billion above market projections. During Thursday's session, the company's shares jumped by more than 9%, while its total market capitalization increased by over $400 billion, contributing to the technology-focused Nasdaq Composite Index's 1% advance at the time of this report.
Nvidia is now on track to post the 3rd largest single-day market cap gain by a stock in history
The Kobeissi Letter
Financial markets are currently directing their attention toward the United States Federal Reserve's Jackson Hole economic symposium, which is currently in progress, with particular focus on chair Kevin Warsh's keynote address scheduled for Friday. Market participants are optimistic that Warsh, who has a reputation for maintaining discretion regarding future monetary policy directions, will nevertheless provide clarity to reduce market uncertainty against a backdrop of inconsistent US inflation statistics and fluctuating government bond yields.
Chairman Warsh's address is poised to be extremely key given the jump in long-term interest rates and high uncertainty over the path of inflation and Fed's reaction function going forward
Kathy Bostjancic, Nationwide chief US economist
Analyst sees Bitcoin sell wall thinning ahead of options expiry
Cryptocurrency liquidations climbed moderately to approximately $417 million throughout the past 24 hours, according to information from CoinGlass, as Bitcoin purchasers gradually eroded a region containing substantial ask-side liquidity.
In prior coverage, Cointelegraph had documented that this particular zone stretched upward to $86,000, establishing resistance that could impede additional price advancement.
Offering commentary, analyst David Eng characterized this liquidity barrier as showing signs of "weakening" in advance of Friday's $6.58 billion (81,700 BTC) August options expiration occurrence on the Deribit cryptocurrency exchange platform.
BTC is compressed under resistance just as the derivatives structure holding it there is about to weaken. Break $82K and the path to $85K+ gets much cleaner
David Eng, analyst
Bitcoin options expiry events represent the moment when options contracts reach their conclusion, providing traders with the opportunity to purchase or sell BTC at a predetermined price point. Such events frequently trigger heightened market volatility, with price action tending to move toward a specific strike price level.