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Bitcoin Needs $94K Reclaim Despite Nvidia-Driven Bounce, Analyst Says
Bitcoin staged a sharp rebound on Tuesday, clawing back part of its recent steep losses after Nvidia posted blowout quarterly earnings that surpassed market expectations. The tech giant’s results eased fears of an imminent AI bubble burst, drawing comparisons to the dot-com era and calming broader market sentiment.
Nvidia’s Historic Revenue Boosts Market Confidence
Nvidia’s data-centre division delivered a staggering $51.2 billion in revenue, highlighting the rapid expansion of the AI ecosystem, from startups to major industries adopting advanced compute infrastructure. The company’s dominant position in the global AI “arms race” has now pushed it to become the most valuable company in the world.
As a bellwether for the AI hardware and infrastructure cycle, Nvidia’s strong performance reassured investors that the AI boom remains intact. This renewed confidence rippled across risk assets—including Bitcoin.
Why Nvidia’s Earnings Moved Bitcoin
Despite belonging to entirely different asset classes, Bitcoin and Nvidia have increasingly been trading within the same macro narrative, especially during periods driven by broad market sentiment. Nvidia’s exceptional earnings acted as a risk-on catalyst, indicating that the macro backdrop remains supportive rather than deteriorating.
Bitcoin, often viewed as a high-beta risk asset, tends to react sharply to such macro signals. According to VanEck’s Matthew Sigel, Nvidia’s success could even reduce Bitcoin selling pressure from miners, as stronger GPU demand may ease financial stress within the mining sector.
Bitcoin Still Faces a Critical Technical Hurdle
Yet, despite Tuesday’s relief rally, analysts warn that Bitcoin is not fully out of danger. Popular pseudonymous trader DontAlt cautioned that the leading cryptocurrency must reclaim the $94,000 level to salvage its weekly candle structure. Until then, the recovery remains fragile.
