Bitcoin surged back toward $81,000 during Thursday’s Wall Street session, buoyed by Nvidia’s second-quarter earnings, which reached $96.2 billion and surpassed expectations by nearly $4 billion. The strong performance by Nvidia fueled gains in both the crypto market and US equities, with the company’s stock climbing over 9% and its market capitalization increasing by roughly $400 billion. At the same time, the Nasdaq Composite Index recorded a 1% rise.
Momentum builds ahead of Jackson Hole speech
Investors are now focused on the annual Jackson Hole economic symposium, where Federal Reserve chair Kevin Warsh is scheduled to deliver a keynote address on Friday. His remarks are expected to shape market sentiment, especially after recent fluctuations in US inflation data and notable volatility in long-term government bond yields. Warsh is regarded for his cautious communication style, adding to anticipation about how he might clarify the Fed’s policy outlook.
Nationwide chief US economist Kathy Bostjancic commented that Warsh’s speech is especially important given the recent surge in long-term rates and continuing uncertainty over inflation trends and the central bank’s response.
Warsh’s upcoming address is seen as extremely significant considering the rise in long-term interest rates and high uncertainty about the trajectory of inflation and the Federal Reserve’s forthcoming policy decisions, according to Kathy Bostjancic, chief US economist at Nationwide.
Market participants are watching closely, hoping the Fed chair will offer insight that might calm nerves amid mixed economic signals.
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AAPLBitcoin price action and technical outlook
TradingView data showed that BTC/USD reached a new local high of $80,808, as buyers aimed to establish $80,000 as a strong support level. Despite recent pressures, bitcoin traders have chipped away at areas of significant ask liquidity, with analysis suggesting that sell-side pressure may diminish further above $82,000. Notably, a major options expiry looms on Friday, with $6.58 billion of contracts set to settle on the crypto exchange Deribit.
Liquidation data from CoinGlass indicated crypto liquidations of approximately $417 million over the previous 24 hours, reflecting heightened activity as traders maneuvered before the expiry event. In previous sessions, ask liquidity had extended up to $86,000, creating resistance for further bitcoin price advances.
Market analyst David Eng assessed the situation, stating that the resistance wall appears to be weakening in advance of the options expiry, a change which could smooth the path for bitcoin to target $85,000 if it breaks through the $82,000 level.
BTC is compressed below resistance as the structure in derivatives holding it there is set to weaken. A move above $82,000 could clear the way for a rally to $85,000 and beyond, according to analyst David Eng.
Options expiry events often bring increased price volatility, as traders settle contracts that allow for buying or selling BTC at specific prices. These events frequently cause markets to gravitate toward key strike prices.
Consolidated tools for fast-moving crypto markets
With major macroeconomic events and market-moving earnings shaping sentiment in real time, traders need to keep up with rapid shifts. In a landscape where a single Federal Reserve decision or a surprise altcoin listing can quickly reverse trends, efficiency is crucial. Many active market participants now use privacy-focused platforms like CryptoAppsy, which enable users to track real-time charts, set price alerts, monitor coin-specific news, and access essential macro data all on a single interface, without any sign-up required. This approach helps traders respond promptly to crucial shifts while saving time and consolidating their market view.
