Bitcoin Faces Pressure Ahead of Federal Reserve Minutes and Nvidia Earnings
Bitcoin’s upward momentum showed signs of weakening Wednesday, despite a rally in tech stocks fueled by anticipation of strong earnings from AI powerhouse Nvidia. The cryptocurrency hovered near $108,900, approaching a critical trendline that has supported its gains since early April, according to Coingecko.
Traders watch trendlines closely, as a break below could signal a shift from bullish to bearish momentum. Despite positive news like Circle’s planned IPO and Trump Media’s $2.5 billion bitcoin fundraising, bitcoin has struggled to build sustained upward movement this week.
On-chain data reveals that large bitcoin holders have recently begun distributing coins, adding selling pressure. Glassnode reported that wallets holding over 10,000 BTC shifted to net selling around May 26, though overall accumulation remains in place.
Eyes on Fed Minutes and Nvidia Earnings
All eyes are on the Federal Reserve’s May meeting minutes, expected later today. The minutes are anticipated to clarify the central bank’s stance on interest rates and inflation. Earlier this month, the Fed paused rate hikes, with Chair Jerome Powell citing tariffs as a source of economic uncertainty and inflationary risk, even mentioning the possibility of stagflation.
Markets may take a muted approach to the minutes due to recent tariff delays, but investors will be listening for hints on future policy.
Meanwhile, Nvidia’s earnings report could move markets significantly. The semiconductor giant is expected to post strong revenue and profit growth, driven by AI demand. Nvidia’s outlook on AI adoption and export challenges with China will be closely scrutinized given its impact on tech and crypto sectors.
XRP Holds Steady Above Key Support Amid DeFi Developments
XRP maintained its position above the 200-day moving average, buoyed by increasing interest in XRPFi, Ripple Ledger’s decentralized finance platform.
Strobe Finance, which builds on Ripple’s EVM sidechain, noted that billions of dollars in XRP are currently inactive across over 4 million wallets, compared to 1.7 million active users. This dormant capital—estimated at $2.15 billion—represents a promising opportunity for DeFi projects aiming to boost yields and liquidity on the XRP network.
