Bitcoin Soars Past $80K as Nvidia Earnings Exceed Expectations

Bitcoin (BTC) surged past $80,000 on Thursday after Nvidia's impressive Q2 revenue of $96.2 billion exceeded analyst forecasts by approximately $4 billion.

The technology sector's rally boosted the Nasdaq Composite index by 1% and triggered corresponding gains across cryptocurrency markets.

Nvidia's shares soared over 9% during Thursday's trading session, boosting its market capitalization by more than $400 billion within hours.

Market analyst Ted Pillows observed that Bitcoin had successfully recaptured both the 200-week exponential moving average and the Bull Market Support Band. He noted that BTC is currently testing its $83,000 resistance zone, with a weekly close above that threshold potentially confirming the end of the bear market phase.