Bitcoin (BTC-USD) climbed on Thursday, rebounding more than 2% to trade above $113,200 (£83,914) after dipping to a weekly low near $108,000. The recovery came as the S&P 500 (^GSPC) notched another record high and Nvidia (NVDA) delivered stronger-than-expected quarterly results, reinforcing investor appetite for risk assets.
US stock futures also pointed higher, with Dow Jones (^DJI) futures up about 0.2% on growing bets that the Federal Reserve could signal a more dovish stance at its next policy meeting in September.
The buoyant mood followed Nvidia’s (NVDA) earnings report on Wednesday, as the world’s most valuable chipmaker posted adjusted earnings of $1.08 per share on $46.74bn in revenue, beating Wall Street expectations.
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However, despite setting another sales record, Nvidia shares slipped 2% to 3% in after-hours trading as investors weighed lingering concerns over an AI bubble and escalating trade tensions under US president Donald Trump’s administration.
The derivatives market is signalling further strength, with traders appearing to buy into the recent dip in bitcoin’s price.
“Bitcoin is currently trading at over $113,000, and BTC funding rates on perpetual futures have stayed around 0.01%, which indicates the presence of dip-buyers but at a slow and moderate pace,” said Timothy Misir, head of research at BRN. “Also, rising hash rates show miner resilience, which should boost long-term confidence.”
Adam Simmons, chief strategy officer at Radix, noted that bitcoin’s performance is increasingly tied to traditional market cycles. “As more and more institutions signal their interest in bitcoin, we’re seeing it draw closer to traditional market dynamics. Good news for banks and hedge funds has become good news for bitcoin, and vice versa,” Simmons said.
He added that bitcoin’s evolution away from its reputation as an inflation hedge reflects the maturing of the broader crypto market. “It’s like seeing a Banksy on the wall of a national gallery. It’s worth a lot and it’s great to see, but it’s certainly no longer the renegade artist it once was,” Simmons said.
Longer-term forecasts remain bullish. Standard Chartered (STAN.L) this week reiterated its end-2025 price target of $200,000–$250,000, while Bernstein analysts see $200,000 by early 2026, citing stronger-than-expected ETF inflows that mark “a new institutional era” for digital assets.
Analysts point to accelerating inflows into US-listed bitcoin exchange-traded funds (ETFs), pension fund allocations, and a tightening supply following this year’s halving event as key tailwinds.
