Bitcoin climbed back toward the $81,000 level on Thursday as stronger-than-expected Nvidia earnings boosted sentiment across US stocks and cryptocurrency markets.
BTC/USD reached a local high of around $80,808, with buyers attempting to establish $80,000 as a new support level.
The move followed Nvidia’s second-quarter earnings report, which exceeded market expectations by nearly $4 billion. The company reported quarterly earnings of $96.2 billion, while its shares surged more than 9% during Thursday trading.
The strong performance also lifted broader US equities, with the Nasdaq Composite gaining around 1% at the time of reporting. Nvidia’s market capitalization increased by more than $400 billion, further strengthening investor appetite for risk assets.
Despite the recovery, Bitcoin continues to face significant selling pressure at higher levels. Analysts have identified the $82,000 area as an important level that BTC needs to reclaim for a stronger upward move.
Analyst David Eng said the sell-side liquidity around Bitcoin was weakening ahead of Friday’s major options expiry.
According to the analysis cited in the report, a break above $82,000 could open the way toward $85,000 or higher, as resistance becomes less concentrated.
Bitcoin also saw increased market activity, with crypto liquidations reaching approximately $417 million over a 24-hour period.
Market attention is also focused on the expiration of around $6.58 billion worth of Bitcoin options, equivalent to approximately 81,700 BTC, on Friday.
Options expiry events can increase volatility as traders adjust positions or settle contracts. The large expiry could therefore have a significant impact on Bitcoin’s short-term price movement.
Investors are also preparing for Federal Reserve Chair Kevin Warsh’s keynote speech at the Jackson Hole economic symposium on Friday.
Markets are closely watching the speech amid uncertainty surrounding US inflation, interest rates and government bond yields.
A clearer outlook on Federal Reserve policy could influence both traditional financial markets and cryptocurrencies, particularly as Bitcoin continues to trade near the $80,000 psychological level.
For now, Bitcoin remains focused on holding $80,000 as support, while a sustained move above $82,000 could strengthen the bullish outlook toward $85,000.
