Bitcoin eyes $81K as Nvidia earnings beat boosts risk assets

Bitcoin (BTC) rebounded toward $81,000 around Thursday’s Wall Street open as Nvidia earnings boosted US stocks.

Key points:

• Bitcoin reclaims $80,000 as $96.2 billion Nvidia earnings provide a boost to crypto and US equities.
• Expectations are running high ahead of Fed chair Kevin Warsh’s keynote speech at the Jackson Hole economic symposium on Friday.
• Bitcoin analysis sees sell-side pressure lessening above $82,000 ahead of the $6.6 billion August options expiry.

Nvidia earnings beat sends stocks, crypto higher

Data from TradingView showed new local highs of $80,808 for BTC/USD, with bulls again seeking to cement the $80,000 mark as support.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Nvidia surprised to the upside after Wednesday trading, posting Q2 earnings of $96.2 billion — nearly $4 billion more than expected. On Thursday, its stock surged more than 9% and its market cap gained over $400 billion, with the tech-heavy Nasdaq Composite Index 1% higher at the time of writing.

“Nvidia is now on track to post the 3rd largest single-day market cap gain by a stock in history,” trading resource The Kobeissi Letter wrote in a reaction on X.

Nvidia stock one-day chart. Source: Cointelegraph/TradingView