Bitcoin rebounded toward $81,000 on Thursday as Nvidia's earnings beat boosted risk appetite across US equities and cryptocurrency markets.
Bitcoin reclaimed the $80,000 level, with trading data showing local highs of $80,808 for BTC/USD as buyers sought to establish support at this price point. The rebound coincided with Nvidia posting Q2 earnings of $96.2 billion, nearly $4 billion above expectations. Nvidia's stock surged more than 9% following the announcement, with its market cap gaining over $400 billion and the tech-heavy Nasdaq Composite Index rising 1%.
Market focus is now turning to the Jackson Hole economic symposium, where Federal Reserve Chair Kevin Warsh is scheduled to deliver a keynote speech on Friday. Analysts expect his remarks could provide clarity on monetary policy amid mixed inflation data and volatile government bond yields.
Bitcoin faced resistance near $82,000, with analyst David Eng noting that sell-side pressure in this zone is expected to ease ahead of the $6.58 billion August options expiry on crypto exchange Deribit. According to Eng, a break above $82,000 could clear the path toward $85,000 and higher.
Crypto liquidations edged higher at approximately $417 million over the previous 24 hours, per CoinGlass data, as buyers worked through areas of significant ask liquidity that had extended up to $86,000.
