Bitcoin (BTC), which is the digital currency, has risen to $81,000 at Thursday’s Wall Street opening as Nvidia results have boosted US stock prices.
Important points
- Bitcoin’s $80,000 is reclaimed as Nvidia profits of $96.2 Billion provide a boost for crypto and US equity.
- There are high expectations for Fed chairman Kevin Warsh’s speech on Friday at the Jackson Hole Economics Symposium.
- Bitcoin analysts see the pressure on sellers easing above $82,000, ahead of expiration options for $6.6 Billion in August.
Nvidia’s earnings surprise sends crypto, stocks higher
TradingView’s data shows that the BTC/USD pair has reached new local highs, $80.808, with bulls once again looking to cling on to $80,000 as support.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Nvidia surprised to the upside after Wednesday trading, posting Q2 earnings of $96.2 billion — nearly $4 billion more than expected. The stock price of Nvidia rose by more than 9% on Thursday. Its market capitalization increased to over $400 billion. At the time this article was written, the Nasdaq Composite Index, which is heavily tech-focused, had risen by 1%.
“Nvidia is now on track to post the 3rd largest single-day market cap gain by a stock in history,” Trading Resource The Kobeissi Letter wrote Reaction to X
Nvidia Stock One-Day Chart Source: Cointelegraph/TradingView
The markets are now focusing on the US Federal Reserve Jackson Hole Economic symposium that is already underway. chair Kevin Warsh’s keynote speech On Friday. Warsh is expected to calm the market down despite mixed US inflation figures. Warsh has a reputation for remaining tight-lipped about future policy changes. volatile 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 is the US chief economist for Nationwide. quoted CNBC.
Analysts see a thinning of the Bitcoin selling wall ahead of expiration options
According to data, crypto-liquidations have increased slightly in the last 24 hours by around $417 millions. CoinGlassBitcoin buyers have chipped away at a significant area of ask liquidity.
Related: BTC RSI bullish divergence draws 2022 comparisons as analysis weighs new price trend
Previously, Cointelegraph reported This zone extends up to $86,000. It creates friction that could lead to further price increases.
Source: CoinGlass.com. Screenshot. Source: CoinGlass
Analyst David Eng has described the liquidity wall in this way. “weakening” Before Friday’s expiration event of August options worth $6.58 Billion (81,000 BTC), on the crypto exchange Deribit.
“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,” He told X-Followers
Bitcoin Options Open Interest by Expiry Date Source: Deribit
Bitcoin option expiry events occur when contracts for options end and traders can buy or sell BTC at a certain price. The market can become more volatile, as the price tends to gravitate towards a specific strike price.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
