Daily News: Bitcoin Attempts a Rebound as Nvidia Earnings Loom
Crypto steadies above key support while Trump’s policy moves rattle global markets.
🪙 Crypto Market Update
Bitcoin is showing signs of recovery, helped by a rebound in Nvidia’s stock price and a calmer tone in risk assets. Political headlines also added fuel: the Trump administration removed Fed voting member Lisa Cook and hinted at appointing a more dovish replacement, while Trump Media Group made a surprise $6.4B acquisition.
On the technical side, Bitcoin held above the $110,000 level, with total crypto market cap reclaiming its 50-day moving average — both constructive signals. The price has now moved back inside its recent range, raising the possibility of a push toward $113,000–$114,000.
Altcoins are also stabilizing, with Ethereum, Solana, and XRP all defending critical support. If momentum continues, last week’s highs could be surpassed in the coming sessions. CRO is eyeing the $0.35–$0.40 zone, though a brief correction may occur if $0.30 is tagged first.
Short positioning among retail traders has increased, which could set up liquidation-driven upside above $113,000. On a bigger picture, Bitcoin has diverged sharply from global money supply growth for the first time in two years — a dynamic that, if it closes the week above $119,000, may suggest a major rally is brewing.
Still, traders should note the downside risk: a daily close under $109,600 would be a bearish signal that undermines the recovery case.
🌍 Global Macro & Markets
Tensions rose after President Trump warned of steep tariffs on countries imposing digital services taxes and floated chip export restrictions. The EU pushed back, framing taxation as a sovereign right, while the U.S. Commerce Department imposed new anti-dumping duties on ten countries. The standoff has revived concerns about global trade fragmentation.
Markets also reacted to Trump’s attacks on Fed Chair Powell and the removal of Fed member Lisa Cook, raising questions over central bank independence. Evercore ISI warned these moves could unsettle inflation expectations.
In FX, the dollar index slipped to 98.21 (-0.23%), sending EUR/USD slightly higher (+0.21%) and USD/JPY lower (-0.31%). Gold rose to $3,393 (+0.83%) as political pressure on the Fed spurred safe-haven demand, while silver edged up (+0.13%). Oil slumped more than 2% on weaker demand outlooks and easing geopolitical tensions, with Brent closing near $67.31. U.S. 10-year yields eased to 4.26% as political risks weighed on policy clarity.
Equities held firm: the S&P 500 gained 0.41% and Nasdaq 100 rose 0.43%, supported by stronger-than-expected durable goods orders and consumer confidence. Futures opened flat this morning.
The spotlight now shifts to Nvidia’s earnings — potentially a defining event for both AI-related stocks and risk sentiment overall. With a $260 billion implied move priced into options, results could ripple across global markets.
📌 Key Takeaways
Bitcoin defended $110k and may target $113k–$114k if momentum holds
Altcoins (ETH, SOL, XRP) bounced from support, hinting at a possible bottom
Retail shorts are piling up, raising the odds of a squeeze above $113k
Dollar weaker, gold higher, oil sharply lower as Fed independence questioned
Nvidia earnings are the critical catalyst for equities and crypto this week
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