Bitcoin's recent uptrend faces potential reversal as it nears a critical support level, coinciding with pivotal events: Nvidia's earnings report and the Federal Reserve's meeting minutes.

Currently trading around $108,855, Bitcoin is testing a trendline that has supported its rise since early April. A breach below this line could signal a shift from bullish to bearish momentum. Contributing to this uncertainty, large holders, or "whales," have begun distributing their holdings, as indicated by Glassnode's data showing a net distribution among addresses holding over 10,000 BTC. Despite these signs, the market remains in an accumulation phase, with institutional interest providing some support.

The upcoming release of the Federal Reserve's May meeting minutes is anticipated to provide insights into the central bank's stance on inflation and interest rates. While the Fed previously held rates steady, comments from Chairman Jerome Powell regarding trade tensions and inflation suggest that the minutes could influence market sentiment, especially if they hint at future policy adjustments.

Simultaneously, Nvidia's earnings report is expected to show significant growth, with projections indicating a 66.2% increase in revenue. Given the historical correlation between Nvidia's performance and broader market trends, particularly in the tech sector, the company's outlook could impact investor confidence across various assets, including cryptocurrencies.

In summary, Bitcoin's near-term trajectory hinges on the outcomes of these two major events. A failure to maintain the current support level could lead to a downward correction, while positive developments from Nvidia and the Fed could bolster the uptrend.