Bitcoin approached $82,000 on Wednesday, reaching $81,687 on Bitstamp as South Korea’s KOSPI Composite Index gained more than 6% and technology shares rebounded. The move extended an intraday recovery, though resistance remained intact near $82,000.
The KOSPI closed 6.63% higher, returning above 6,000 points for the first time since Oct. 14. Its week-to-date gain stood at 9.3%. Crypto markets strengthened gradually as concerns over AI spending and debt financing eased, according to the source material.
Bitcoin avoided new lower lows on hourly time frames, with bid liquidity thickening around $79,000 and $80,000, according to CoinGlass data cited in the report.
Tech rebound supports risk sentiment
In the US, the tech-heavy Nasdaq Composite closed up 1.1% on Tuesday ahead of earnings from Microsoft, Alphabet, Amazon and Intel. Samsung is due to report third-quarter earnings on Thursday.
Mike Wilson, chief US equity strategist at Morgan Stanley, told CNBC that tech stocks were entering a new bullish phase after rebounding from a sell-off earlier in October. “Most of the correction is already over. We’ve been in correction mode for four or five months... the market I think has digested this very efficiently,” he said on Tuesday.
Markets continued to expect the Federal Reserve to hold rates at its Wednesday meeting. CME Group’s FedWatch showed 90.6% odds that rates would remain in their current 3.75%-4% range.
Bitcoin resistance at $82,000 in focus
Analysts remained uncertain about where BTC/USD would establish its next trading range as resistance held near $82,000. Crypto trader and analyst Rekt Capital drew fresh comparisons to the 2022 bear market, saying the weekly chart for BTC/USD resembles that period’s structure.
Rekt Capital said it was still unclear whether the pair would build a new range above resistance around $82,000. On weekly time frames, the pair has yet to discard a “macro accumulation range pattern” between $60,000 and $80,000, the analyst added.
