Nvidia Earnings May Decide Bitcoin's Next Move
Nvidia's upcoming earnings report may serve as a near-term catalyst for crypto markets. According to Wintermute, Bitcoin's recent rally was largely driven by leverage and short covering rather than sustained spot demand.
A break below Bitcoin's $75,000 support level could open the door to a move into the low $70,000 range. The firm stated that Nvidia's earnings report on Wednesday could determine whether Bitcoin manages to hold its current support zone between $76,000 and $78,000.
Nvidia is expected to report adjusted earnings per share (EPS) of $1.77 on $79 billion in revenue. A hold through Nvidia's earnings rebuilds some confidence, but a break of $75k with funding resetting and ETF flows negative opens up the low $70s pretty quickly, Wintermute wrote.