Bitcoin's rise shows signs of fatigue, market follows Nvidia's earnings report and The Federal Reserve (FED) meeting minutes.

Gate News bot message, although Wall Street tech stocks soared overnight due to optimistic earnings expectations from AI giant Nvidia (NVDA), the rising trend of Bitcoin in early trading on Wednesday still shows signs of fatigue.

According to CoinGecko data, as of the time of writing, the trading price of Bitcoin is close to 108,900 dollars, indicating that the trend line of the upward trend since the low point in early April is about to break down.

The bullish trend line indicates strong demand, so a break below the trend line is often seen as a potential reversal and a possible sign of a downturn.

Despite a series of positive news this week, including stablecoin issuer Circle planning to apply for an IPO and Trump media planning to raise 2.5 billion dollars to purchase Bitcoin, the price of Bitcoin has still not risen significantly.

On-chain activity suggests that large investors have recently started selling Bitcoin, adding to the selling pressure on the market. “As of May 26, groups holding more than 10,000 BTC have shifted to net selling (around 0.3%), indicating a significant change in the position structure of the largest holders,” Glassnode said on the X platform. However, Glassnode added that overall, the market is still in overweight mode.

Later this Wednesday, attention will turn to the Federal Reserve’s minutes from the May meeting. Earlier this month, the Federal Reserve kept the benchmark interest rate unchanged, and Chairman Powell candidly pointed out that President Trump’s trade war is the root cause of inflation and uncertainty. Powell also publicly criticized “stagflation.”

The meeting minutes may reiterate this position, although Trump’s recent postponement of tariff increases suggests that the market may not pay much attention to hawkish remarks. At the same time, given the historical positive correlation between Bitcoin (BTC) and NVDA (NVIDIA), NVIDIA’s financial report may impact the market, particularly the digital asset market.

Source: CoinDesk