Bitcoin Surges on Nvidia Earnings Boost, Clearing Bearish Leverage

Bitcoin price rebounded over 7% to touch an intraday high of $69,487 on Thursday, driven by short liquidations and Nvidia's record-breaking earnings report. The sudden crypto market rally caught bearish traders off guard, triggering a massive liquidity flush of around $576 million.

The strong reversal comes just 48 hours after BTC dipped below $63,000, creating a volatile environment that has wiped out over half a billion dollars in leveraged positions.

Nvidia Corp.'s blockbuster earnings report posted quarterly revenue of $68 billion, a 73% year-over-year increase, calming investor fears regarding the sustainability of AI infrastructure spending. This lifted tech indices and spilled over into crypto, where Bitcoin often acts as a high-beta proxy trade.