Bitcoin moved higher as investors tracked the Trump address and rising risk sentiment in global markets. The crypto market showed strength as stocks gained and traders prepared for Nvidia earnings.
Bitcoin jumped more than $2,000 on Tuesday evening. The price moved from around $64,000 to above $66,000 just before President Donald Trump began his State of the Union speech at 9 pm ET. After the speech started, Bitcoin slipped slightly and traded near $65,500. The asset still showed a gain of about 3.5% for the day.
The rise did not come directly from the Trump address. Market experts said traders focused more on Nvidia earnings and improving risk sentiment. Stocks in Asia moved higher earlier in the day. US markets followed. The Nasdaq 100 closed 268 points higher. Big tech stocks like Apple, Microsoft, Tesla, and Google supported the rally.
Derek Lim from crypto firm Caladan explained that traders positioned ahead of Nvidia earnings. He also noted relief after recent tariff tension and a Supreme Court ruling on trade policy. These events had created uncertainty last week. The calmer mood helped both stocks and Bitcoin.
During the Trump address, the President spoke about economic progress. He said inflation is falling and incomes are rising. He claimed core inflation dropped 1.7% over the past three months. He also said mortgage rates are at their lowest level in four years. Trump highlighted stock market strength and said the Dow Jones Industrial Average crossed 50,000 earlier than expected.
However, markets saw swings in recent months. When new tariff plans appeared in April 2025, the Dow fell sharply below 37,000. The index later recovered but traded near 49,174 on the night of the speech. A recent Supreme Court decision limited tariff powers. Trump promised to continue tariff policies using other legal paths.
Bitcoin now faces resistance near $66,400. Analysts say a strong move above this level could support further gains. If momentum slows, the price may fall toward $63,700. Despite the recent rise, Bitcoin remains far below its October high of around $126,000.
Other cryptocurrencies also moved higher. Ethereum, Solana, and XRP gained between 2.5% and 6%. The broader crypto market reflected stronger risk sentiment.
Traders now focus on Nvidia earnings. Many see it as the key event for both stocks and Bitcoin this week. Bitcoin continues to react to wider market trends. Risk sentiment and big earnings reports remain the main drivers of price action.
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