Nvidia’s Earnings Spark Brief Surge in Bitcoin, But Market Analyst Sees Continued Pressure

• Nvidia’s earnings boost Bitcoin, but market still faces significant pressure.
• Bitcoin struggles below key resistance levels despite Nvidia’s earnings surge.
• Analyst warns Bitcoin needs $95,000 to avoid further breakdown.

Nvidia’s unexpected earnings beat helped lift market sentiment earlier this week, resulting in a short-term boost for Bitcoin. The tech giant reported Q3 revenue of $57.01 billion, surpassing analyst expectations of $55.19 billion.

Additionally, Nvidia’s projected Q4 revenue of $63.7-$66.3 billion was higher than the consensus of $61.98 billion, pushing the stock up by 4.5% after hours. This surge gave Bitcoin a brief escape from its stagnant range between $88,000 and $92,000, which had been a key support zone for the cryptocurrency.

Despite this temporary rebound, market analyst DonAlt remains cautious about Bitcoin’s longer-term outlook. According to DonAlt, while the bounce has improved the daily chart structure, the weekly and monthly charts are still under pressure.

He emphasized that for Bitcoin to avoid confirming a deeper breakdown, it must break and hold key levels. Specifically, Bitcoin needs to reach $94,000 to halt the current weekly damage, and a close above $95,000 by the end of the month is critical to preventing a deeper decline.

Also Read: Jake Claver Says There Isn’t Enough XRP to Meet Institutional Demand – What This Means for Price

Market Outlook and Bitcoin’s Struggle for Stability

The current environment for Bitcoin remains uncertain. The price is hovering near the lower end of its recent range, which has historically acted as a major support level. However, with thinner liquidity and mounting selling pressure, this support may not hold as it did in the past. Although Nvidia’s strong earnings report provided a much-needed boost for risk assets, including Bitcoin, the overall market sentiment is still fragile.

Bitcoin’s path forward is clear, but challenging. The first step involves reclaiming the $94,000 mark, a level that has rejected Bitcoin multiple times in the past two months. If the cryptocurrency manages to close above this level, it could signal a potential recovery. However, a failure to break through $94,000 could signal further weakness, with Bitcoin possibly heading toward price levels not seen since mid-2024.

Despite the positive sentiment surrounding Nvidia’s earnings, the broader outlook for Bitcoin remains tied to these key price levels. DonAlt’s warning suggests that while short-term bounces may provide temporary relief, Bitcoin’s longer-term trajectory will depend on whether it can decisively break through the $94,000-$95,000 range.

Also Read: XRP Floodgates: Here’s When $35 Billion AUM Grayscale XRP ETF Is Set to Launch

The post Nvidia’s Earnings Spark Brief Surge in Bitcoin, But Market Analyst Sees Continued Pressure appeared first on 36Crypto.