Pre-NVIDIA Earnings Caution and US Economic Data Eyed as Bitcoin Reversal Threatens $60K Support

The recent BTC reversal may stem from investor caution ahead of NVIDIA's (NVDA) earnings report and Friday's US Personal Income and Outlays Report.

Recent BTC movements may be influenced by investor caution ahead of NVIDIA’s (NVDA) earnings report and the US Personal Income and Outlays Report due Friday.

Key Reports Impacting BTC Price Trends

NVIDIA’s performance on Wednesday, August 28, could notably affect BTC. Strong results may propel BTC toward the $65,000 mark. However, weak numbers could decrease BTC’s value ahead of the US Personal Income and Outlays Report.

Softer US inflation and personal spending figures may also increase BTC demand amid expectations of multiple Fed rate cuts in 2024. However, sticky inflation and rising personal spending could reduce hopes of a September Fed rate cut. Falling bets on a September Fed rate cut may negatively impact BTC demand, potentially pushing BTC down toward $55,000.

Investors are advised to stay vigilant as supply-demand trends may shift. Stay up-to-date with our latest news and analysis to navigate exposure to BTC and the broader crypto market.

Technical Analysis

Bitcoin Analysis

BTC traded below the 50-day and 200-day EMAs, showing bearish price signals.

A breakout above the 200-day EMA and the $60,365 resistance level would bolster a move toward the 50-day EMA. Moreover, a breakout from the 50-day EMA could bring the $64,000 resistance level into play.

The NVIDIA Earnings Report, sentiment toward the Fed rate path, and BTC-spot ETF market flow trends bear watching.

Conversely, a drop below $55,000 could signal a fall to the $52,884 support level.

With a 44.99 14-Daily RSI reading, BTC could drop below $55,000 before entering oversold territory.

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