Bitcoin Nears $82K as Wall Street Sees Correction Fading

TLDR

• Bitcoin climbed to $81,687 on Wednesday, with bid liquidity thickening around $79,000 and $80,000.
• South Korea’s KOSPI jumped 6.63% as tech stocks rebounded from earlier October losses.
• Morgan Stanley’s Mike Wilson says most of the market correction is already over.
• Analyst Rekt Capital compares Bitcoin’s weekly chart to 2022, and $82,000 remains the key resistance.

Bitcoin pushed higher on Wednesday, reaching $81,687 on Bitstamp, according to TradingView data. The move extended an intraday rebound, and the pair avoided printing new lower lows on the hourly chart.

CoinGlass data shows bid liquidity building around $79,000 and $80,000 which can suggest that buyers are stepping in to defend the psychological $80,000 level after repeated dips below it. Still, resistance near $82,000 has held firm for now.

I think the broader market deserves credit for this bounce. Nerves over AI spending and debt financing eased, and crypto strengthened gradually alongside equities.

South Korea’s KOSPI Composite Index closed 6.6% higher, returning above 6,000 points for the first time since Oct. 14. That puts its week-to-date gain at 9.3%. In the US, the Nasdaq Composite closed up 1.1% on Tuesday ahead of earnings from Microsoft, Alphabet, Amazon and Intel, with Samsung due to report on Thursday.

Morgan Stanley chief US equity strategist Mike Wilson told CNBC he sees tech entering a new bullish phase. He argued the market has been correcting for four or five months and has digested the pullback efficiently.

His view is somewhat encouraging for risk assets in general, though it is only one strategist’s opinion. On the macro front, the markets are expecting the Fed to hold rates at its Wednesday meeting. CME Group’s FedWatch tool shows 90.6% odds of rates staying in the 3.75-4% range.

However, not everyone is convinced the rebound will last. Crypto analyst Rekt Capital drew fresh comparisons to the 2022 bear market after Bitcoin’s repeated dips under $80,000.

He pointed out that the weekly chart looks like 2022’s structure, and it remains unclear whether BTC can build a new range above the $82,000 resistance. He also said the pair has not yet discarded its macro accumulation range between $60,000 and $80,000 but $82,000 is a level that matters. A clean break could confirm the bulls’ case, while a rejection would keep the cautious 2022 comparison very much alive.

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