Bitcoin has made a remarkable comeback, reclaiming the $80,000 mark on Thursday, reaching a local high of $80,808, largely driven by a stellar earnings report from Nvidia.
Nvidia reported Q2 revenue of $96.2 billion, surpassing Wall Street expectations by nearly $4 billion. The positive news propelled Nvidia’s stock up over 9%, contributing more than $400 billion to its market capitalization in just one trading session. Analysts noted that this could potentially be one of the largest single-day market cap gains by a stock in history.
This tech-driven rally also lifted the Nasdaq Composite by 1%, positively impacting cryptocurrency markets, including Bitcoin.
According to analyst Ted Pillows, Bitcoin has not only reclaimed the 200-week Exponential Moving Average (EMA) but has also re-entered the Bull Market Support Band. He indicated that Bitcoin is now approaching a significant resistance zone at $83,000, suggesting that a weekly close above this level would confirm that the bear market bottom is behind us.
ETF Inflows Exhibit Strong Demand
The momentum for Bitcoin was further enhanced by the performance of U.S. spot Bitcoin ETFs, which recorded an impressive $242 million in net inflows on August 27. This marked the ninth consecutive day of inflows, with total inflows during this period reaching $3.51 billion—the highest since October 2025, as reported by SoSoValue.
Many of these ETFs have turned to Coinbase as a custodian, which corresponds with another significant development: Bitcoin’s Coinbase Premium indicator flipped positive for the first time since May. This indicates that Bitcoin is trading at a higher price on Coinbase compared to Binance, signaling stronger demand from U.S.-based buyers.
Options Market Dynamics
In the options market, approximately $417 million in crypto liquidations occurred over a recent 24-hour period, primarily due to heavy ask liquidity between current prices and $86,000. Analyst David Eng characterized the sell wall above $82,000 as weakening ahead of a substantial $6.58 billion options expiry on Deribit. He pointed out that breaking through $82,000 could pave the way for a more straightforward ascent towards $85,000.
The 50-week simple moving average currently sits near $81,000, and analysts have flagged this level as crucial for future price movements.
Market participants are also closely monitoring Fed Chair Kevin Warsh’s keynote address at the Jackson Hole symposium, which many believe could have significant implications given the recent spikes in long-term interest rates and ongoing inflation concerns.
With Bitcoin’s resurgence above $80,000, alongside strong ETF inflows and shifting market dynamics, the cryptocurrency space remains vibrant and full of potential ahead of critical financial announcements.
