Key Points:
BTC rebounded 4% from the key range below $90,000, outperforming the U.S. stock market on Tuesday.
Tech stocks declined ahead of Nvidia's crucial Q3 earnings report, which could determine the next phase of AI trading.
The Coinbase premium gap plummeted to -$114, indicating weakened institutional demand, which may keep BTC in a range-bound fluctuation in the short term.
BTC showed strong rebound momentum on Tuesday, rising 4% from an intraday low of $89,300 to a high of $93,700, recovering from the key order block between $91,500 and $88,400. Amidst volatility in risk assets, this rebound briefly placed BTC in a rare position of outperforming U.S. stocks.
In a rare occurrence, BTC led the overall market trend. The stock market declined again on Tuesday as investors pulled out of tech and AI-related stocks. The Dow Jones Industrial Average fell by as much as 1.2%, the S&P 500 dropped 1.1%, and the Nasdaq plummeted 1.5%. Nvidia fell another 2%, adding to its 10% drop this month, as the market closely watches the company's Q3 earnings report set to be released on Wednesday.
Market volatility comes at a critical time, as Nvidia's performance is widely seen as an important signal for assessing whether AI trading may experience a breakthrough or a bubble test. In October of this year, Nvidia CEO Jensen Huang revealed that Nvidia had secured chip orders worth $500 billion for 2025-2026, indicating that the AI boom still has room to grow. Analysts believe these comments suggest stronger-than-expected revenue potential for 2026.
However, expectations have cooled. Nvidia's latest quarter is projected to see a year-over-year revenue growth of 56% to $54.92 billion, a strong figure but far below the triple-digit growth rates achieved in the early stages of the cycle.
Despite this, traders seem to be preparing for an upward move, as BTC's rebound indicates a return of speculative risk appetite ahead of what could be key earnings moments for AI and the broader market.
While BTC's rebound may boost market sentiment, on-chain data suggests that this recovery may not be as strong as it appears. CryptoQuant data indicates that the Coinbase premium gap plummeted to -$114.5 on November 17, marking one of the lowest levels since February 25. The last time the premium dropped so sharply was in February 2025, when it fell to -$138, coinciding with a period of massive withdrawals by institutional investors.
The Coinbase premium gap measures the price difference between the Coinbase platform preferred by institutions and large investors and the Binance platform dominated by retail traders. In a bull market, this premium typically turns positive as institutional demand accelerates.
However, a severe negative premium gap indicates the opposite trend, suggesting that the current price movement may be primarily driven by the Binance retail crowd rather than institutional funds.
The continued decline in the premium indicates that the current market is more influenced by reactive traders, who quickly chase prices higher in an uptrend and sell off more rapidly in a downturn.
Related: Bitcoin (BTC) whales turn to buying amid "extreme fear"
This article does not constitute any investment advice or recommendation. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin Finally Bounces, Outpacing Stocks Ahead of Nvidia Earnings: Will the BTC Rally Hold?”
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