Bitcoin Faces Fresh US Selling Pressure as Markets Wait for Nvidia Earnings

Bitcoin struggled to maintain its recovery after renewed selling pressure from US traders pushed prices lower ahead of a major earnings event from Nvidia.

BTC briefly climbed to around $77,678 before momentum weakened during the US trading session. The move continued a pattern seen earlier this week, where Bitcoin gained strength during Asian and European hours but faced resistance once Wall Street trading began.

Market watchers say cautious sentiment around the broader economy and geopolitical uncertainty continue to weigh on investor confidence.

Nvidia Earnings Become Key Market Focus

Financial markets are closely watching Nvidia’s first-quarter earnings report, widely viewed as one of the most important corporate updates this quarter.

Analysts believe Nvidia’s results could influence both stock and crypto market sentiment because technology shares have been a major force supporting the broader US market.

Earlier this week, market analysts described Nvidia’s earnings as the “biggest earnings event of the quarter,” especially as concerns about inflation, global tensions and economic slowdown continue to pressure investors.

The S&P 500 also showed volatility, dropping about 1.3% before recovering as traders waited for the earnings report.

Coinbase Premium Signals Weak US Bitcoin Demand

Bitcoin’s Coinbase Premium Index, a key measure of US investor demand, dropped to its lowest level since February.

The index compares Bitcoin prices on Coinbase’s BTC/USD pair with Binance’s BTC/USDT market. A negative reading suggests weaker buying interest from US-based traders.

CryptoQuant analyst Amr Taha said the latest premium gap near negative $66.8 shows demand remains soft, despite Bitcoin trading around $77,200. He noted that the discount is even larger than late March, when Bitcoin traded near $68,000.

Key Bitcoin Resistance Level Remains in Focus

Traders are also watching Bitcoin’s 21-week exponential moving average (EMA), a key technical indicator.

Bitcoin reclaimed this level in late April but lost it again this week. Market analyst Rekt Capital warned that if BTC fails to recover above the 21-week EMA, it could turn into resistance and confirm a broader short-term breakdown.