Bitcoin's attempted recovery hit a wall this week, with the price stalling just above $78,000 as a broader sell-off in US equities deepened. The move comes ahead of Nvidia's earnings report, a key event that could set the tone for risk assets in the near term.
Why the stall matters
After sliding from recent highs, Bitcoin had been trying to find a floor. But the rebound ran out of steam. The cryptocurrency now sits near $78,000, unable to push higher as traders shift focus to the stock market's slide. The S&P 500 and Nasdaq have both taken hits this week, weighed down by rate concerns and profit-taking. That spillover effect is hitting crypto, too.
The Nvidia factor
Nvidia reports earnings after the bell on Wednesday. The chipmaker's results have become a bellwether for the tech sector and, by extension, risk appetite across markets. A miss could deepen the sell-off; a beat might spark a relief rally. Crypto traders are watching closely — Bitcoin often moves in sympathy with tech stocks during macro-driven weeks.
For now, the market is in wait-and-see mode. If Nvidia delivers strong numbers and guidance, Bitcoin could get a bid back above $80,000. If not, the $75,000 support zone may come into play. Either way, the next 24 hours will tell us a lot about where crypto heads for the rest of May.
