Bitcoin eyes $81K as Nvidia earnings beat boosts risk assets
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- Bitcoin hit new local highs of $80,808 per TradingView data, with bulls working to cement $80,000 as support and a prior Cointelegraph analysis flagging ask liquidity extending up to $86,000.
- Nvidia posted Q2 earnings of $96.2 billion — nearly $4 billion above expectations — sending its stock up more than 9% on Thursday and adding over $400 billion to its market cap.
- The tech-heavy Nasdaq Composite rose 1% as Nvidia's gains spilled into broader markets, with The Kobeissi Letter noting the chipmaker was on track for the third-largest single-day market cap gain in stock market history.
- Crypto liquidations climbed to roughly $417 million over 24 hours per CoinGlass data as Bitcoin buyers chipped through significant ask liquidity zones.
- Markets are focused on Fed Chair Kevin Warsh's Friday keynote at the Jackson Hole symposium, with Nationwide chief US economist Kathy Bostjancic calling the address "extremely key" amid rising long-term rates and uncertainty over inflation.
- A $6.58 billion (81,700 BTC) August options expiry on Deribit on Friday could amplify volatility, and analyst David Eng told X followers that the derivatives structure capping BTC "is about to weaken," with a break above $82K opening a cleaner path to $85K+.
Why it matters: A roughly $400 billion single-day market-cap surge in Nvidia — the third largest in stock market history — spilled directly into crypto, lifting Bitcoin through $80,000 and triggering $417 million in liquidations. With a $6.58 billion options expiry landing Friday alongside Warsh's Jackson Hole remarks, traders face a compressed setup where the resistance structure holding BTC under $82K is already thinning.
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