Nvidia Earnings Seen as Key Catalyst for Bitcoin Price Movement

Nvidia's upcoming earnings report could play a crucial role in determining Bitcoin's near-term price movement, according to Wintermute. The crypto market analyst stated that Nvidia's earnings on Wednesday may serve as a catalyst for cryptocurrency markets.

Wintermute noted that Bitcoin's recent rally was largely driven by leverage and short covering rather than sustained spot demand. The firm added that a break below Bitcoin's $75,000 support level could open the door to a move into the low $70,000 range.

Nvidia is expected to report adjusted earnings per share (EPS) of $1.77 on $79 billion in revenue. Wintermute stated that if Nvidia's earnings are strong, it could help rebuild confidence in Bitcoin and prevent a breakdown below its current support zone between $76,000 and $78,000.