Bitcoin has settled into a narrow band around $77,000 after shedding more than 4% over the past week, as traders hold their breath ahead of two major events: the release of the Federal Open Market Committee minutes and Nvidia's quarterly earnings report. The largest cryptocurrency has barely budged from the $77,000 level for three straight days now, a sign that the market is in wait-and-see mode after last week's slide.
A week of retreat
The decline came without a single obvious trigger — no exchange hack, no regulatory bombshell. Instead, it was a grind lower over several sessions that pushed Bitcoin from the mid-$80,000s down to its current range. The selling pressure faded by the weekend, and since Monday the price has stayed within a few hundred dollars of $77,000. That kind of coiled-spring behavior tends to precede a bigger move, but which direction depends entirely on what comes next.
Waiting on the Fed
The FOMC minutes, due out this week, will be parsed for any shift in the central bank's tone on inflation and rate cuts. Crypto markets have been sensitive to interest-rate expectations all year, and a hawkish surprise could reignite selling. A dovish read, by contrast, might be the spark that pushes Bitcoin back toward recent highs. The minutes are the first major data point since last week's slide, so the reaction will set the tone for the rest of May.
Nvidia on deck
Nvidia's earnings, also due this week, are a separate but equally important catalyst. The chipmaker has become a bellwether for the AI boom, and its report tends to move tech and risk assets broadly — crypto included. A strong beat could lift the whole risk-on complex, while a miss might reinforce a cautious mood. Bitcoin has been loosely correlated with tech stocks this year, so the Nvidia print matters more than most earnings calls.
The next 48 hours will test whether the $77,000 floor holds or gives way. If both events come in benign, expect the tight range to continue. If either surprises, that coiled spring gets released.
