Bitcoin Surges Past $80K as Nvidia's Q2 Revenue Exceeds Forecasts
Nvidia's strong Q2 revenue report has sent shockwaves through the market, pushing Bitcoin above $80,000. The tech giant reported a record-breaking revenue of $96.2 billion, exceeding forecasts by $4 billion. This surge in tech stocks has boosted investor confidence, leading to a significant increase in Bitcoin's price.
The US spot Bitcoin ETFs have seen a major influx of funds, with net inflows totaling $242 million on August 27. This marks the ninth consecutive day of gains for these ETFs, the longest streak since October 2025. The Coinbase Premium turning positive and weakening resistance near $82,000 suggest growing bullish momentum in the market.
Traders are keeping a close eye on key resistance levels around $83,000 and $85,000, as they may signal the end of the bear market phase. Additionally, the upcoming options expiration and Fed Chair Kevin Warsh's speech at Jackson Hole are being closely watched for any potential impact on the market.
Grayscale's Zach Pandl notes that rising US debt is putting pressure on bonds, which in turn is driving demand for alternative stores of value like Bitcoin, Ethereum, and Zcash. However, it remains to be seen how this trend will unfold in the coming days.