Bitcoin rebounds toward $78,000 on strong Nvidia earnings, steady accumulation

Bitcoin jumped nearly 1.5% in the last 24 hours, rebounding towards the $78,000 mark on Thursday amid strong Nvidia earnings and steady buyer accumulation. The cryptocurrency was trading at around $77,934.

Ethereum gained 1.55% in the past 24 hours to trade at $2,144 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano rallied upto 19.07%.

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Akshat Siddhant, Lead quant analyst, Mudrex, said Bitcoin is showing signs of recovery despite ongoing macro uncertainty and continued ETF outflows weighing on sentiment and is currently trading near $78,000, benefited from improved risk appetite after Nvidia’s strong quarterly earnings boosted confidence across global markets.

Siddhant further said that on-chain data also suggests buyers remain active at current levels, supporting accumulation and helping stabilise prices.

The global crypto market capitalisation went up 1.8% to $2.6 trillion, according to CoinMarketCap.

WazirX Market’s Desk said Bitcoin and Ethereum remain resilient amid broader market caution, and the crypto market currently shows selective strength.

In the past week, Bitcoin and Ethereum fell 1.70% and 4.75%, respectively. Among the major altcoins, BNB, XRP, Solana, Dogecoin and Cardano fell upto 6.34%, whereas Tron and Hyperliquid rallied 2.65% and 47.82%, respectively.

The crypto market is trading in a cautious recovery phase as institutional flows weaken. Bitcoin has managed to hold above the $76K–$77K region after reclaiming the 200 EMA near $77.7K, helping stabilise short-term market structure following the recent correction from the $82K resistance zone, said Riya Sehgal, Research Analyst, Delta Exchange

Sehgal further said that although spot Bitcoin ETFs recorded more than $2 billion in net outflows over the past week, broader market behaviour does not yet suggest a complete breakdown in demand.

Market perspective

Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin has rebounded above the $77,000 level as easing concerns around potential US–Iran negotiations helped stabilise broader market sentiment after a volatile selloff earlier this week.

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CoinSwitch Markets Desk: BTC regained $77K as markets priced in a possible cooling of geopolitical tensions, after Trump said Iran negotiations were in the final stage. The crypto market also noticed Trump asking the Fed to review direct payment-rail access for fintech and crypto firms.

Vikram Subburaj, CEO, Giottus: Bitcoin’s move on May 21 should be read as consolidation under institutional pressure rather than a clean reversal. BTC was near $77,900, after slipping from the $80,000-$82,000 zone that had capped its May recovery.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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