Can Bitcoin Price Mirror Nvidia Rally?
Bitcoin News: Debt ceiling talks between the White House and Congressional Republicans representatives move ahead investors stand confused as the deadline approaches. The global digital market printed some green indexes on Thursday after a sell off on the prior day. However, NVIDIA Corp (NASDAQ: NVDA) registered a major surge of 27% leaving Wall Street with hopes.
Also Read: NVIDIA Near To Break Into $1 Trillion Club; Will Other AI Stock Rally?
Bitcoin Price Ready To Move Upward?
Bitcoin (BTC), the world’s largest cryptocurrency is trading under selling pressure as its price dropped below the crucial $27K on Wednesday. However, BTC price registered a marginal surge in the last 24 hours. Bitcoin is trading at an average price of $26,272, at the press time.
According to an expert, Bitcoin price is expected to mirror the massive surge registered by NVIDIA in the last 24 hours. He mentioned that the Bitcoin price is forming an Inverse Head and Shoulders pattern on the chart similar to NVIDIA.
He highlighted that BTC is in the middle of creating an iHS Structure which matches the NVIDIA price chart before it registered a whooping rally. Nvidia share price jumped by 27% on Thursday leading the chip maker firm’s market valuation to approach the $1 trillion club. Read More Bitcoin News Here…
Reports suggest that Nvidia added almost $200 billion to its valuation after the release of its quarterly report. Chip maker’s market cap stands at around $951 billion. While its share is trading at an average of price of $383.76, at the press time.
Meanwhile, Bitcoin price haven’t registered much gains over the last 30 days. BTC price dropped by almost 5% during the period. Bitcoin market cap which stood at around $580 billion on April 26, 2023, has declined to stand at around $508 billion. However, its 24 hour trading volume is also down by 8% to stand at $14.09 billion.
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