Bitcoin Surges 7.3% to New Heights as Nvidia's Market Cap Jumps by Record-Breaking $442 Billion
Bitcoin's price has been on a tear this week, reaching new heights as it rose by 7.3% to $79,762. The surge comes after a record-breaking rally, with Bitcoin setting a historic weekly dollar gain of $14,775 last week.
Nvidia's market cap jumped by a staggering $442 billion in a single day, making it the second-largest one-day gain in stock market history. This move was driven by strong earnings guidance that eased concerns about slowing AI growth, with more than a dozen banks raising their price targets.
Bitcoin ETFs have seen eight consecutive days of inflows, totaling $2.8 billion. Analysts are closely watching key levels ahead, with Garrett Jin's whale entity warning that Bitcoin needs to absorb selling pressure in the $80,000-$82,500 zone, while Glassnode flagged $83,000-$86,000 as a major resistance zone above current spot prices.
Despite this, institutional positioning remains mixed, with CryptoQuant flagging heavy profit-taking and long liquidations surging 469% versus a 15% rise in short liquidations. However, some whales remain bullish, including Jason60704294, who has flipped back to a bullish stance and predicted a return to $100,000-$120,000.