Bitcoin’s
The upward trend continued to show signs of weakness early Wednesday, even as Wall Street Tech stocks rose overnight in the expectation of optimistic earnings from AI Giant Nvidia (NVDA).
The leading cryptocurrency with market value is traded near $ 108,900 at the press time, teasing a downward break in a trendline that characterized the appearance from early April, according to Data Source CoingeCKO.
Bullish trend lines indicate areas with strong demand, thus seeing a step underneath one generally as a sign of a potential reversal and a possible start to a downward move.
Prices have been unable to achieve significant gains this week despite a flurry of positive news, including stablecoin Essuer Circle’s plans to submit a stock exchange listing and Trump Media’s plans to raise $ 2.5 billion to buy Bitcoin.
Activity on the chain suggests that large investors have recently begun to distribute coins, contributing to the market’s sales pressure. “From May 26,> 10K BTC has turned to net distribution (~ 0.3), signaling a remarkable shift in positioning among the largest proprietors,” Glassnode said at X. However, the company said that the market generally remains in an accumulation mode.
Focus on fed minutes and NVDA — earnings
Later Wednesday, the limelight will be on minutes from the Federal Reserve’s May Meeting, which will offer detailed insight into the committee’s attitude towards monetary policy and potential clues on future interest decisions.
The central bank left the benchmark interest rate unchanged early this month, with President Jerome Powell pointing square to President Donald Trump’s customs war as a source of inflation and uncertainty. Powell “Stagflation” high.
The protocol probably repeats the same, although the recent customs delay of Trump means the market may not be very aware of Hawkish messages.
Meanwhile, AI Major Nvidia’s earnings announcement could move markets, especially digital assets, considering the historic positive connection between BTC and NVDA.
The company is expected to report strong earnings and revenue growth, which drives the benefits of investments in AI infrastructure. The focus will be on the company’s prospect of AI demand and China in the midst of chip export restrictions to China.
XRP has key support
Payments-focused XRP held the 200-day simple sliding average (SMA) during trading overnight in the middle of growing social media scraped about XRPFI or decentralized funding on the XRP headbox.
Strobe Finance, which utilizes the smart contract features in Ripple’s EVM SideChain to create a defi platform on the XRP headbook, stated that large quantities of XRO are currently inactive and can be implemented in DEFI for further dividends.
“Ripple’s Community Research reveals a significant dormant user base: Over 4 million inactive XRPL drawing books have estimated $ 2.15 billion in XRP compared to 1.7 million active wallets. This sleeping capital represents a large, addressing market waiting to be unlocked through convincing Defi options,” said Strobe in a blogging.
The diagram shows XRP trading on Bullish Territory over the Ichimoku cloud and the 200-day simple sliding average (SMA). The average has served as strong support or area of interest for buyers since the beginning of April.
