Bitcoin steadied above the psychological $80,000 level as a sharp rebound in US equities helped risk assets across markets. TradingView data showed BTC/USD pushing to a local high of $80,808 around the Wall Street open, with traders watching whether the latest move can hold as support.
The catalyst behind the broader bounce was Nvidia’s earnings surprise. Nvidia reported Q2 earnings of $96.2 billion—nearly $4 billion above expectations—sending its stock up more than 9% and lifting the Nasdaq Composite as investors rotated back into high-growth equities.
Key takeaways
- BTC reclaimed the $80,000 area after Nvidia’s earnings beat sparked a broader lift in US stocks and sentiment.
- Markets are focused on Fed chair Kevin Warsh’s Jackson Hole keynote on Friday amid uncertainty around inflation and the Fed reaction function.
- CoinGlass data showed crypto liquidations running around $417 million over 24 hours, suggesting pressure is easing as buyers absorb nearby sell liquidity.
- Analyst David Eng says the derivatives “liquidity wall” looks weaker ahead of August options expiry on Deribit, potentially improving the odds of a cleaner upside path if $82,000 breaks.
Nvidia lifts risk sentiment, Bitcoin follows
Nvidia’s upside surprise quickly spilled into crypto markets. After Wednesday trading, the company posted Q2 earnings of $96.2 billion—nearly $4 billion higher than expectations—prompting a major rally in its shares on Thursday. The stock surge translated into a wider market tailwind: the Nasdaq Composite was up about 1% at the time of writing, while Nvidia’s market capitalization increased by more than $400 billion.
That stock-market momentum mattered for Bitcoin in the near term because it reinforced the “risk-on” conditions that typically support higher-beta assets. TradingView charts reflected this with BTC/USD moving back toward and above $80,000 as bulls tried to defend the level early in Thursday’s session.
Commentary from trading resource The Kobeissi Letter on X highlighted the magnitude of the move, writing that Nvidia appeared on track for one of the biggest single-day market cap gains in stock history.
Jackson Hole focus returns as rates remain the swing factor
Even with crypto riding equity strength, attention is shifting quickly to monetary policy. Jackson Hole is already underway, and investors are bracing for Fed chair Kevin Warsh’s keynote speech on Friday.
The underlying reason is simple: Warsh’s comments could influence expectations for how quickly interest rates move—especially given the mix of inflation data and volatility in government bond yields referenced in coverage leading up to the event. According to CNBC, Kathy Bostjancic, chief US economist at Nationwide, said Warsh’s address is likely to be “extremely key” because long-term rates have risen and uncertainty remains about the inflation path and the Fed’s reaction function.
For Bitcoin traders, that matters because shifts in the interest-rate outlook often change how investors price duration risk, liquidity, and correlation across assets. When rates stabilize or expectations soften, conditions can become more supportive for crypto; when they reprice upward, momentum can fade quickly.
Sell-side liquidity appears to thin ahead of August options expiry
In crypto-specific flows, liquidation activity offered another clue. CoinGlass data showed liquidations edging higher to roughly $417 million over the prior 24 hours. The key nuance is how the market behaved: buyers were reportedly chipping away at an area of significant ask liquidity, helping Bitcoin hold firm rather than accelerating lower.
Earlier reporting cited a liquidity zone extending up to $86,000 that had been creating friction for additional upside. The current setup appears different in timing: with a major derivatives milestone approaching, that resistance may start to lose potency.
On the derivatives side, analyst David Eng described the prevailing “liquidity wall” as “weakening” ahead of Friday’s August options expiry on Deribit. The expiry cited in the report is $6.58 billion, corresponding to 81,700 BTC at the time referenced, with Eng suggesting that once Bitcoin clears $82,000, the path to higher levels (noted as $85,000+) could become “much cleaner.”
Options expiry events can increase volatility because market makers and traders rebalance positions when contracts settle. When open interest is concentrated around certain strikes, price often gravitates toward those levels as hedging and arbitrage dynamics intensify near the cutoff.
What traders should watch next
The near-term question for Bitcoin is whether it can consolidate above $80,000 and then challenge $82,000 with less friction than earlier in the week. If the liquidity pressure Eng flagged continues to dissipate into the August options expiry window, traders may see a more decisive move upward; if rates guidance from Warsh jolts markets the other way, the support narrative could be tested again quickly.
