Bitcoin faces renewed pressure from US sellers while Nvidia prepares 'major earnings reveal'
Bitcoin encounters difficulty pushing past US-based selling forces as financial markets remain tense before Nvidia's first-quarter earnings announcement.
Bitcoin (BTC) put a stop to its recent rebound when Wednesday's Wall Street session commenced, as traders in the United States initiated a sell-off.
Key points:
- Bitcoin approaches the $78,000 mark before the commencement of US trading disrupts upward movement, mirroring a pattern observed earlier in the week.
- Equity markets in the United States remain focused on Nvidia earnings amid heightened macroeconomic uncertainty.
- Bitcoin's Coinbase Premium reaches several-month lows, signaling "soft" demand from US participants.
BTC price falls short of $78,000 threshold prior to Nvidia results
Information from TradingView revealed BTC/USD hitting $77,678 on the Bitstamp exchange prior to fresh selling pressure emerging during the US trading window.
Mirroring its behavior from the initial two days of the week's trading, Bitcoin encountered resistance as market sentiment in the United States maintained a bearish stance concerning the macroeconomic environment.
The S&P 500 experienced a 1.3% decline before recovering ground, with market participants anticipating the week's primary potential source of volatility: first-quarter earnings from technology giant Nvidia.
Earlier in the week on Monday, trading resource The Kobeissi Letter characterized the figures as the "biggest earnings event of the quarter."
The analysis went on to highlight how technology stocks have been instrumental in supporting S&P 500 performance — despite concerns surrounding the US-Iran conflict and related inflationary pressures affecting other market segments.
"A handful of tech stocks are driving the entire market," it summarized in a post on X.
Bitcoin Coinbase Premium indicates "soft" demand levels
Within cryptocurrency markets, focus turned to the Coinbase Premium Index, which underscored the persistent absence of optimistic sentiment throughout US trading hours.
The metric, which calculates the price differential between Coinbase's BTC/USD trading pair and Binance's BTC/USDT pair, dropped to its weakest readings since February during the session.
In one of its QuickTake blog entries, onchain analytics platform CryptoQuant stated that spot Bitcoin demand "remains soft."
"The latest Coinbase Premium Gap reading stands near -$66.8, meaning Bitcoin is trading at a lower price on Coinbase Pro's USD pair compared with Binance's USDT pair. This is deeper than the late-March reading of around -$62.6, when Bitcoin was trading near $68,000," contributor Amr Taha wrote.
"The comparison is important because Bitcoin is now trading much higher, around $77,200, yet the Coinbase discount versus Binance is wider than it was when BTC was nearly $9,000 lower."
Additional market observers tracked well-established technical indicators, including the 21-week exponential moving average (EMA).
As previously documented by Cointelegraph, BTC/USD successfully regained that threshold on weekly timeframes during late April, before surrendering it once more during the current week.
"Bitcoin has Weekly Closed below the 21-week EMA (green) which technically positions price to potentially turn it into new resistance on any upcoming rebound," trader and analyst Rekt Capital told X followers on Tuesday while analyzing the weekly chart.
"Turning the 21-week EMA into new resistance would fully confirm the breakdown from it."
