As the Wall Street stock exchange opened on Wednesday, the price of Bitcoin (BTC) halted its recent recovery and began to decline amid sell-offs by US traders. According to TradingView data, the BTC/USD pair had climbed to $77,678 on the Bitstamp exchange, but the asset began losing value as the US trading session started. This is reported by Cointelegraph.com .
Repeating the trend of the first two days of the week, Bitcoin remained under pressure due to bearish sentiment in the US market regarding macroeconomic outlooks. The S&P 500 index fell by 1.3% before recovering slightly. Currently, all investors' attention is focused on the week's main volatility catalyst: the first-quarter financial report of tech giant NVIDIA.
The analytical resource The Kobeissi Letter called this report the "biggest earnings event of the quarter." Analysts note that while geopolitical tensions between the US and Iran, as well as inflation risks, are worrying markets, it is precisely a few tech stocks that are driving the growth of the entire S&P 500 index.
In the cryptocurrency community, the main focus is on the Coinbase Premium Index. This index measures the price difference between the BTC/USD pair on Coinbase and the BTC/USDT pair on Binance. The indicator's drop to its lowest level since February suggests a lack of bullish sentiment during US trading sessions.
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