Bitcoin and the Nasdaq 100 index have seen significant shifts ahead of NVIDIA's anticipated earnings report. This event could impact both equity and cryptocurrency markets.
Current Trends in the Cryptocurrency Market
Bitcoin declined to $93,690, down 13.3% from this year's peak. Meanwhile, the Nasdaq 100 index dropped 3.5% from its highest this month. Main influences include NVIDIA's earnings anticipation and Donald Trump's tariff proposals.
Impact of NVIDIA's Report on Markets
NVIDIA's earnings report is crucial given the company's influence in the tech and AI sectors. As the second-largest company by market cap, it's significantly impacted the stock rally over the past two years. Analysts expect NVIDIA revenue to hit $38.15 billion, a 72% increase from the same quarter in 2023.
Potential for Bitcoin Price Recovery
Despite recent declines, technical indicators suggest a potential upward correction for Bitcoin. A 'falling wedge' pattern on the daily chart often signals a trend reversal. Breaking resistance could push BTC's price back toward $100,000 in the short term.
Both equity and cryptocurrency markets are in anticipation of NVIDIA's upcoming report and potential tariff impacts. Bitcoin and other markets could face further volatility based on these factors.
