Bitcoin fell below $ 95,000, while the technology-thunder NASDAQ 100 index fell for the second consecutive day before Nvidia’s earnings.
Bitcoin (BTC) fell to $ 93,690 below 13.3% from its highest level this year. Meanwhile, the NASDAQ 100 index has fallen for three straight days, which is below the highest level of this month 21,360, less than 3.5%.
This week will be the upcoming earnings report of the main catalyst Nvidia for bitcoin and US stocks, which will provide insight into the Artificial Intelligence Industry.
These results are especially important given the size of Nvidia and effects in the AI region. It is the second largest company by market capitalization, with more than $ 3.285 trillion, only behind Apple. It is also the second largest component of Nasdaq 100.
Additionally, the poster of Nvidia AI industry has become a child, who has been playing an important role in the stock market rally in the last two years. For example, recession signs can trigger a major sales in both equity and crypto, as both markets are often corrected.
As Yahoo financeAnalysts expect NVIDIA revenue to reach $ 38.15 billion, in 2023, an increase of 72% from the same quarter.
Bitcoin and Nasdaq 100 have also retreated amid concerns over Donald Trump’s proposed tariffs. The former President has warned that steel and aluminum tariffs will be effective on 1 March. In addition, 25% tariff on Mexican and Canadian goods is ready to start the same day until a deal arrives.
Tariffs can affect the price of bitcoin by promoting inflation, which may motivate the Federal Reserve to maintain a Hawkish stance. Risk property, including bitcoin, underperforms a Hawkish fed environment. In a note sent to Crypto.news, James Toledano, Chief Operating Officer of Unity Wallet, Said,
“I think the feeling around the price of bitcoin and expectation is that President Trump took over on 6 January because it should be the stratosphere. But the reality is that the price has gone south, due to tariff trade wars, The delicate peace talks in Eastern Europe are afraid of the impact of Deepsek on the American technical field. “
The price of bitcoin can still be reversed
Technical indicators suggest that bitcoin may staging a reversal this week. On the daily chart, Bitcoin has formed a falling wedge pattern with two trend lines near its confluence point. A rapid breakout usually occurs when it is about to confluence.
Additionally, two lines of the MACD indicator are near a fast crossover. Historically, such crossover are brief or prolonged by rebels. A fast breakout may push the BTC price backwards in the near period to $ 100,000.
