Proactive Investors - Bitcoin (BTC)bulls cheered on a solid trading session on Wednesday, with the world’s largest cryptocurrency surging 1.5% to close the day above US$26,400.
Most gains were penned post the UK close, just as tech giant Nvidia dropped a blockbuster revenue beat.
Nvidia, already a leader in US blue-chip stock picks, surged even higher, bringing the tech-focused Nasdaq index 1.37% higher.
This star showing from US equities evidently fed through to bitcoin, offering relief in what has been a poor week for crypto.
Bitcoin is still 7.4% lower on a week-on-week basis, dragged by low trading volumes and general apathy for digital assets among investors lately.
Bitcoin posts strong Wednesday performance – Source: currency.com
Regardless, bitcoin has managed to hold onto yesterday’s gains in this morning’s Asia trading window, with the BTC/USDT pair climbing slightly higher to test the US$26,500 price point.
Binance’s order book suggests resistance points at US$26,700, US$27,200 and US$27,300, with support pitched up at US$25,000.
Friday’s Jackson Hole summit, where Federal Reserve chair Jerome Powell is expected to make a speech, could be a catalyst for price volatility as the week comes to a close.
Any nod towards more fiscal tightening in central bank policy is likely to sour the mood, though the opposite also rings true.
Powell is expected to take the podium on Friday morning at 10 am ET.
Ethereum rose 2.7% on Wednesday to close at US$1,679 before inching back to US$1,674 in this morning’s trades.
Though the wider altcoin space enjoyed the benefits of bitcoin’s Wednesday rally, week-on-week performance is still lacklustre.
Ripple (XRP), Polygon (MATIC), Litecoin (LTC) and Avalanche (AVA) are particularly wose off, having racked up double-digit losses over the past seven days.
Global cryptocurrency market capitalisation currently stands at US$1,07 trillion after adding 1.5% overnight.
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