Bitcoin extended an intraday rebound on Wednesday, reaching $81,687 on Bitstamp. Crypto markets firmed as nerves over AI spending and debt financing eased.
South Korea’s KOSPI Composite Index rose 6.63 percent in a single day and moved back above 6,000 points. It had not been above that level since Oct. 14. Samsung was due to report third-quarter earnings on Thursday.
Equities lead the rebound
The KOSPI has gained 9.3 percent so far this week, recovering from losses in October tech stocks. The Nasdaq Composite Index had already risen 1.1 percent on Tuesday.
Mike Wilson, chief US equity strategist at Morgan Stanley, said most of the correction was already over. He said the market had digested the sell-off very efficiently after four or five months of correction.
Traders look to the Fed
CME FedWatch put the odds of the Federal Reserve holding rates at its Wednesday meeting at 90.6 percent. The current target range is 3.75 to 4 percent.
Analysts pointed to $82,000 as the next bitcoin resistance level. CoinGlass data showed bid liquidity thickening near $79,000 and $80,000.
Rekt Capital compared bitcoin’s weekly chart with the 2022 bear market. It cited a macro accumulation range with a lower bound of $60,000.
Related: Bitcoin tops $84,800 then falls back below $82,800 · Bitcoin Climbs 7.16% to 24-Day High of $86,648
