Bitcoin Approaches $82,000 Amid Market Recovery

Bitcoin approached $82,000 on Wednesday: according to TradingView, BTC/USD rose to $81,687 on Bitstamp. The pair avoided new lows on hourly timeframes, and buy order liquidity tightened around $79,000 and $80,000, according to CoinGlass.

The crypto market gradually strengthened as concerns about AI spending and debt financing eased. KOSPI ended Wednesday's session up 6.6%, returning above 6,000 points for the first time since October 14; the index has gained 9.3% since the beginning of the week. In the US, the Nasdaq Composite closed up 1.1% on Tuesday ahead of reports from Microsoft, Alphabet, Amazon, and Intel; Samsung will report on Thursday.

Mike Wilson, chief US equity strategist at Morgan Stanley, told CNBC that he sees the rebound in tech stocks as the start of a new bull phase: “Most of the correction is already over. We've been in correction mode for four or five months... the market, I think, has absorbed this very effectively.”

Markets are still expecting the Fed to hold rates at Wednesday's meeting: CME FedWatch shows a 90.6% probability of maintaining the 3.75–4% range.

Analyst Rekt Capital compared the weekly BTC/USD chart to the 2022 bear market structure and noted that it is still unclear whether the pair will establish a new range above the resistance around $82,000. On weekly timeframes, he added, the pair has not yet abandoned the macro range accumulation model between $60,000 and $80,000.