Nvidia Earnings Could Decide Bitcoin's Next Move

Nvidia's upcoming earnings report could be a key catalyst for Bitcoin's price movement in the near term, according to Wintermute. The firm notes that Bitcoin's recent rally was largely driven by leverage and short covering rather than sustained spot demand.

The $1 billion in outflows from spot Bitcoin ETFs last week snapped a six-week streak of institutional inflows. This, combined with a break below the $75,000 support level, could open the door to a move into the low $70,000 range.

Nvidia's earnings are scheduled for after the bell on Wednesday, and Wintermute notes that a hold through the report would rebuild confidence in Bitcoin's current support zone between $76,000 and $78,000. However, if Nvidia's results disappoint or trigger a broader market downturn, it could lead to a break of the $75,000 level.