Bitcoin climbed from an overnight low near $80,700 to just above $83,000 early Monday before slipping back to approximately $82,400 within half an hour as sellers entered the market. Over a 24-hour period, bitcoin showed a 0.3% increase.
The $83,000 level remains about $1,000 below the ceiling that previously turned the cryptocurrency back twice the prior week, near $84,000 on October 13 and October 14. According to market observations, a sustained move through $84,000 would serve as an initial indicator that the technology sector rebound is pulling bitcoin upward.
The early morning bounce coincided with a recovery in technology stocks. Nasdaq 100 futures rose 1.1%, breaking a weeklong 5.5% selloff, while S&P 500 futures increased by 0.5%. Additionally, an exchange-traded fund tracking chipmakers climbed 3% prior to the U.S. market open, heading toward its first positive session in ten days as upcoming earnings focus attention back on the artificial intelligence trade.
Meanwhile, European markets experienced weaker conditions. The Stoxx 600 dropped 0.8% following weekend protests in France, with French bonds leading a selloff across European debt. The euro emerged as the worst-performing major currency, while the U.S. dollar remained flat and Brent crude declined from a five-month high.
