Bitcoin rebounded toward $81,000 on Thursday as stronger-than-expected Nvidia earnings lifted US equities and renewed appetite for risk assets, giving crypto markets another catalyst ahead of a closely watched Federal Reserve event.
Nvidia Earnings Lift Bitcoin and US Stocks
BTC/USD reached a local high of $80,808, with buyers attempting to establish $80,000 as a new support level. The move came alongside a broad rally in US equities following Nvidia’s second-quarter results.
Nvidia reported $96.2 billion in Q2 earnings, approximately $4 billion above expectations. Its shares subsequently jumped more than 9%, adding more than $400 billion to the company’s market capitalization, while the Nasdaq Composite gained about 1%.
The reaction highlights Bitcoin’s continued sensitivity to broader risk sentiment. When large technology companies deliver stronger earnings and investors become more willing to take risk, cryptocurrencies can benefit from the same shift in market positioning.
For Bitcoin, however, the durability of the move remains uncertain. The cryptocurrency is still attempting to convert the psychologically important $80,000 level from resistance into support.
Fed Policy Becomes the Next Major Catalyst
Attention is now shifting from corporate earnings to monetary policy, with Federal Reserve Chair Kevin Warsh scheduled to deliver a keynote speech at the Jackson Hole economic symposium on Friday.
Investors are watching the address closely because inflation data remain mixed while longer-term US government bond yields have shown significant volatility. Any indication of how the Federal Reserve views inflation, interest rates and financial conditions could influence both equities and crypto.
Nationwide chief US economist Kathy Bostjancic described Warsh’s speech as particularly important given the increase in long-term interest rates and uncertainty surrounding the Fed’s future policy response.
For Bitcoin, the policy backdrop matters because changes in interest-rate expectations can quickly alter liquidity conditions and investor appetite for speculative assets. A more supportive interpretation of monetary policy could strengthen the current rally, while a hawkish signal could put renewed pressure on risk assets.
$82K Becomes Key Level Ahead of Options Expiry
Crypto derivatives markets are also adding another layer of volatility. Approximately $417 million in crypto positions were liquidated over the previous 24 hours, according to CoinGlass data, as Bitcoin buyers pushed through an area of significant sell-side liquidity.
Market analysis suggests that resistance may begin to thin above $82,000, potentially giving Bitcoin additional room to advance if buyers can maintain momentum.
The setup comes ahead of an August options expiry involving approximately $6.6 billion in contracts. Large expiries can amplify short-term price movements as traders adjust or close positions, particularly when Bitcoin is already approaching technically significant levels.
The combination of stronger equity markets, a major Federal Reserve speech and substantial derivatives positioning leaves Bitcoin at a potentially important inflection point. Holding above $80,000 would strengthen the case for a broader recovery, while renewed selling below that level could expose the market to another test of lower support. For now, Nvidia’s earnings have improved the risk backdrop, but the next direction for Bitcoin is likely to depend increasingly on US monetary policy and whether buyers can push decisively beyond $82,000.
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