Bitcoin’s price momentum faltered just below $78,000 as US markets opened Wednesday, signaling renewed selling pressure among American traders. The cryptocurrency reached around $77,678 before dipping amid a broader risk-off mood tied to uncertainty over Nvidia’s upcoming quarterly earnings.
The US stock market mirrored Bitcoin’s caution, with the S&P 500 initially dropping before a partial rebound, as investors awaited the tech giant’s report—widely anticipated as the quarter’s most significant earnings event. Tech stocks have carried market gains recently, even as geopolitical tensions, including the US-Iran conflicts, and inflation concerns dampened broader sentiment.
Adding to the pause in Bitcoin’s rally, the Coinbase Premium Index—which compares Bitcoin prices on Coinbase Pro (BTC/USD) and Binance (BTC/USDT)—fell to its lowest point since February. This gap indicates a softer spot demand from US buyers, as Bitcoin on Coinbase traded at a notable discount relative to Binance, despite the crypto’s higher overall level around $77,200. The deeper discount compared to March, when Bitcoin was trading about $9,000 lower, suggests subdued buying interest in the US market.
Technically, Bitcoin’s weekly chart reveals further challenges. The asset recently lost ground below the 21-week exponential moving average (EMA), a key indicator previously reclaimed in late April but now potentially turning into a resistance barrier. Analysts highlight that maintaining below this level could confirm a technical breakdown and constrain upward price movement in the near term.