Bitcoin’s bullish trend is vulnerable to disruption ahead of Nvidia earnings and the release of Fed minutes.

Key market events on the horizon as Federal Reserve minutes and Nvidia’s earnings report set to shape investor sentiment.

Bitcoin (BTC) showed early signs of strain Wednesday, despite gains in U.S. tech stocks driven by optimism ahead of Nvidia’s earnings. Trading around $108,900, bitcoin flirted with breaking below an important uptrend support line originating from April lows, as per Coingecko data.

A break beneath this trendline could hint at a potential reversal, as such technical levels often mark zones where buyers step in.

Although recent news—like Circle’s IPO filing and Trump Media’s plan to raise $2.5 billion to buy bitcoin—has been positive, bitcoin’s price has struggled to gain significant traction this week.

On-chain metrics point to increased selling pressure from large holders. Glassnode noted that wallets holding more than 10,000 BTC shifted to net distribution as of May 26, signaling a potential change in investor positioning. Still, the overall market appears to be in an accumulation phase.

Federal Reserve Meeting Minutes and Nvidia Earnings in the Spotlight

The focus turns to the Fed’s May meeting minutes, expected later today, which should shed light on the central bank’s monetary policy outlook.

In early May, the Fed held interest rates steady, with Chair Jerome Powell highlighting trade tariffs as a key source of inflationary pressure and uncertainty, even mentioning “stagflation.” These themes are likely to be reiterated, though markets may be less reactive given the recent tariff delays.

Meanwhile, Nvidia’s earnings release carries significant weight, especially for crypto markets given historical correlations between BTC and Nvidia’s stock. The company is expected to report strong results powered by AI demand. Investors will be keenly watching Nvidia’s guidance on AI growth and challenges posed by export restrictions to China.

XRP Maintains Key Technical Support

XRP remained above its 200-day moving average amid growing buzz around XRPFi, Ripple Ledger’s emerging DeFi ecosystem.

Strobe Finance, leveraging Ripple’s EVM sidechain, highlighted that billions of dollars worth of XRP remain idle in dormant wallets, representing a significant opportunity for DeFi applications to unlock value and generate yields. Over 4 million inactive wallets hold an estimated $2.15 billion in XRP, compared to 1.7 million active wallets, signaling a large untapped market.