Bitcoin returned toward $81,000 during Thursday’s Wall Street session as US equities rose following Nvidia’s stronger-than-expected quarterly results, placing the cryptocurrency back at a price level that has repeatedly acted as short-term support and resistance.
TradingView data showed BTC/USD reaching a local high of $80,808. The move tracked a 1% gain in the Nasdaq Composite Index, while Nvidia shares rose more than 9% in Thursday trading after the chipmaker reported quarterly revenue of $96.2 billion, roughly $4 billion above market expectations. Nvidia’s market capitalization increased by more than $400 billion during the session.
Bitcoin’s recovery above $80,000 followed a period of choppy trading in which sellers had repeatedly pushed the market below that threshold. The level has now become a focal point for traders assessing whether the equity-led rebound can develop into a sustained move through nearby resistance.
Nvidia results lift risk assets
Nvidia’s earnings gave technology stocks a sharp boost and helped improve sentiment across risk-sensitive markets. The company has become a closely watched gauge of demand for artificial intelligence infrastructure, and its results can influence trading across the broader technology sector.
The Nasdaq’s advance coincided with Bitcoin’s move higher, extending a pattern in which the cryptocurrency has often traded in step with major US equity benchmarks during macro-driven sessions. Bitcoin did not match Nvidia’s percentage gain, but the return to the $80,000 area showed that demand had strengthened as equities rose.
A strong technology earnings report can lift Bitcoin indirectly by encouraging traders to take on more exposure to volatile assets. That relationship can reverse quickly when Treasury yields rise or economic data changes expectations for interest rates, leaving the cryptocurrency exposed to the next major macro catalyst.
Jackson Hole moves into focus
Attention was shifting to the Federal Reserve’s Jackson Hole economic symposium, already underway before Federal Reserve Chair Kevin Warsh’s scheduled Friday keynote. The speech arrives as markets weigh mixed inflation readings and higher long-term US government bond yields.
Kathy Bostjancic, chief US economist at Nationwide, told CNBC that Warsh’s remarks would receive close scrutiny because long-dated yields have risen and uncertainty remains over inflation and the Federal Reserve’s policy response.
Higher long-term yields can tighten financial conditions even without an immediate change in the Fed’s benchmark interest rate. They raise borrowing costs across the economy and can reduce the appeal of assets whose valuations depend heavily on future growth, including technology stocks and cryptocurrencies.
That backdrop puts Bitcoin’s rebound in a more delicate position than a simple stock-market rally might suggest. Nvidia’s numbers supported risk appetite during the session, while Jackson Hole could reshape expectations for policy, inflation and liquidity within a matter of hours.
Liquidity builds above Bitcoin’s range
The move toward $81,000 also brought Bitcoin into an area where sell orders had been concentrated. CoinGlass recorded roughly $417 million in crypto derivatives liquidations over the previous 24 hours as volatility increased.
Liquidations occur when leveraged positions are automatically closed because traders no longer have enough collateral to support them. A sharp upward move can force the closure of bearish positions, adding buy orders to the market. The same mechanism can accelerate declines when heavily leveraged long positions are liquidated.
David Eng said sell-side liquidity above the market appeared to be thinning, while identifying resistance near $82,000. He said a sustained move above that area could leave Bitcoin with room to test higher levels, including the mid-$80,000 range.
The distinction between a brief price spike and a durable break remains important. Bitcoin has already reached $80,808, yet the market would need to hold above $80,000 and absorb selling closer to $82,000 before establishing a clearer short-term upward structure.
Options expiry could add to volatility
Friday’s monthly Bitcoin options expiry is another near-term event that could affect price action. Options are contracts that give buyers the right, but not the obligation, to buy or sell an asset at a preset price before a specified date. As contracts expire, traders often close positions, roll them into later maturities or hedge exposure in the spot and futures markets.
Those adjustments can increase trading volume and amplify moves around heavily populated strike prices. They do not guarantee that Bitcoin will trade at a particular level, but they can make an already sensitive market more reactive to sudden changes in price.
The combination of an options expiry, a major Federal Reserve speech and a rally in US technology shares leaves Bitcoin facing several forces at once. A move above $82,000 would test whether demand can overcome the remaining sell orders above the current range. A reversal below $80,000, especially alongside rising Treasury yields or weaker equities, would show that Thursday’s recovery lacked follow-through.
Bitcoin’s return toward $81,000 has therefore restored a critical technical level just as the market approaches a concentrated run of macro and derivatives events.
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