On Wednesday, Bitcoin (BTC) enthusiasts celebrated a robust trading day, with the preeminent cryptocurrency climbing 1.5% to finish above US$26,400.
The significant uptick occurred after the UK market closed, coinciding with tech behemoth Nvidia’s announcement of its stellar revenue results.
Nvidia, already a standout in the US blue-chip stocks, saw its value rise even further, propelling the tech-centric Nasdaq index up by 1.37%.
This impressive performance from US stocks seemed to resonate with Bitcoin, providing a much-needed boost in an otherwise lacklustre week for the crypto sector.
Despite this, Bitcoin remains 7.4% down from the previous week, hindered by diminished trading activity and the prevailing indifference towards digital assets among investors recently.
In the Asian trading window this morning, Bitcoin managed to retain the gains it made yesterday, with the BTC/USDT pair nudging slightly towards the US$26,500 mark.
According to Binance’s order book, resistance levels are pinpointed at US$26,700, US$27,200, and US$27,300, while a support level is marked around US$25,000.
This Friday’s Jackson Hole summit is anticipated to be a focal point, especially with Federal Reserve Chair Jerome Powell slated to deliver a speech. This could spur price fluctuations as the week wraps up. If there’s any hint of increased fiscal restrictions in the central bank’s strategy, it might dampen spirits, although the converse holds potential too. Powell is scheduled to speak at 10 a.m. ET on Friday.
Meanwhile, Ethereum saw a 2.7% increase on Wednesday, ending at US$1,679, but retraced slightly to US$1,674 in today’s early trades.
Even though many altcoins reaped the rewards of Bitcoin’s surge on Wednesday, their week-on-week figures remain uninspiring. Notably, Ripple (XRP), Polygon (MATIC), Litecoin (LTC), and Avalanche (AVA) are on the back foot, having registered losses in double percentages over the last week.
The total market cap of cryptocurrencies is currently pegged at US$1.07 trillion, marking a 1.5% increment overnight.
