Bitcoin Price Edges Up As Surging Nvidia Earnings Calm Investor Nerves

The Bitcoin price edged up a fraction of a percent in the past 24 hours to trade at $91,736 as of 4:30 a.m. EST on trading volume that rose 4% to $82.2 billion.

BTC bounced back after Nvidia delivered a set of blowout results, easing pressure across risk assets following a week of heavy selling in crypto and tech stocks.

The AI-chip giant reported fiscal third-quarter earnings that smashed Wall Street expectations, with revenue hitting $57.01 billion, easily beating the $54.92 billion analysts had expected. 

Earnings per share came in at $1.30, beating the $1.25 consensus.

Nvidia shares rose almost 3% after the announcement yesterday and are up almost 5% in pre-market trading.

Nvidia projected about $65 billion in revenue for the current quarter, far above the roughly $61.66 billion analysts forecast. Net income for the quarter surged to $31.91 billion, a 65% jump from last year.

The report sent a wave of relief across the crypto space after a brutal week for investors. Crypto’s market cap is currently up a fraction of a percent at $3.22 trillion, according to CoinGecko data.

Meanwhile, the Bitcoin market intelligence platform Santiment reports that whale activity has increased, suggesting these heavy-weight investors are buying the dip.

Can the Bitcoin price begin to recover from its 11% decline over the past week?

Bitcoin Price Poised For A Recovery

The BTC price has extended its bearish stance after failing to sustain the strong recovery it staged earlier in the year.

Following a surge from the $85,300 support zone in April, the Bitcoin price gained significant bullish momentum that carried it into the $120,000 resistance region.

This level triggered a prolonged sideways consolidation phase between July and late September, with bulls and bears fighting for dominance.

Momentum briefly shifted in favor of the bulls when Bitcoin broke out of this consolidation, pushing the price of Bitcoin toward its all-time high near $126,000.

However, this level ultimately served as a major top, as sellers stepped in to take profits. The rejection at this peak introduced a sustained decline, pushing BTC through a falling channel pattern.

The Bitcoin price now trades well below both the 50-day and 200-day Simple Moving Averages (SMAs).

Meanwhile, the Relative Strength Index (RSI) has risen above the 40 level, currently sitting near 44, which suggests that buyers may be stepping in.

On the 4-hour chart, the Moving Average Convergence Divergence (MACD) has turned positive, with the blue MACD line now rising above the orange signal line.

BTC Bulls Aim For Prices Above $100,000

From a technical standpoint, the BTC price structure remains decisively bearish, with signs of a recovery.

If the downtrend extends, the next significant support sits near $87,000, where buyers may attempt to slow the decline. A failure to hold this zone could open the door to a deeper pullback toward $84,000.

According to analyst Ali Martinez, BTC is now back under the 50-week SMA, a scenario that led to a 66% drawdown the last time this happened.

Conversely, the positive MACD and the recovering RSI could push the price of BTC towards the $105,000 zone, a 14% surge from the current level.