Bitcoin approaches $82,000 as Morgan Stanley strategist says tech correction is mostly over
Bitcoin climbed toward $82,000 on Wednesday as Asian and US tech stocks extended a rebound into corporate earnings releases. Cointelegraph reported the price reached $81,687 on Bitstamp that day, building on support around $79,000 and $80,000.
South Korea's KOSPI Composite Index gained 6.63% on Wednesday and was up 9.3% week-to-date. In the US, the Nasdaq Composite closed up 1.1% on Tuesday ahead of earnings from Microsoft, Alphabet, Amazon and Intel. Samsung was due to report Q3 earnings on Thursday.
Key numbers from Wednesday's price action
- Bitcoin reached $81,687 on Bitstamp on Wednesday, per TradingView data cited by Cointelegraph.
- Bid liquidity thickened around $79,000 and $80,000, per CoinGlass liquidation heatmap data cited by Cointelegraph.
- KOSPI finished 6.6% higher, returning above 6,000 points for the first time since Oct. 14.
- KOSPI week-to-date upside was 9.3%.
- CME Group's FedWatch showed 90.6% odds the Fed would hold rates in the 3.75-4% range at its Wednesday meeting.
Morgan Stanley view on tech stock correction
Cointelegraph reported Mike Wilson, chief US equity strategist at Morgan Stanley, spoke to CNBC on Tuesday about tech stocks. He said most of the correction is already over and that the market had been in correction mode for four or five months. He said the market had digested the move efficiently.
Analyst notes 2022 bear-market similarity
Crypto trader and analyst Rekt Capital commented on Bitcoin's repeated dips below $80,000. He drew fresh comparisons to the 2022 bear market. He said the weekly chart for BTC/USD resembles 2022's structure and it is unclear whether the pair will build a new range above resistance around $82,000. He added that on weekly time frames the pair has yet to discard a macro accumulation range pattern between $60,000 and $80,000.
Events ahead for markets
The Fed was expected to hold rates at its Wednesday meeting. Major US tech earnings were scheduled around the same time. Samsung's Q3 earnings were due on Thursday.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.