On Wednesday, Bitcoin tried to build on its earlier rebound and again came close to the $82,000 mark. It was supported by improving sentiment in technology markets and a sharp rally in Asian stocks led by South Korea. At the same time, investors were closely watching the results of major technology corporations and the upcoming U.S. central bank decision on interest rates.
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Bitcoin defends key levels and benefits from a sharp rally in Asian stocks
Exchange data showed that the BTC/USD pair climbed as high as $81,687 on the Bitstamp exchange during Wednesday’s trading, gradually erasing earlier losses. The $79,000 to $80,000 range played a key role, where, according to analytical data, strong buying liquidity was concentrated. This very demand helped dampen selling pressure and prevented the formation of new local lows on the hourly chart, signaling short-term market stabilization. However, a bounce off the bottom does not yet mean that the cryptocurrency has definitively left its downward phase.
An important driver for the crypto market was a marked improvement in sentiment across the global technology sector. South Korea’s KOSPI stock index surged 6.6% and returned above the 6,000-point level as investors reassessed earlier concerns about high spending on artificial intelligence. The U.S. Nasdaq Composite also saw a similarly favorable move, gaining 1.1% ahead of earnings from tech giants such as Microsoft, Alphabet, and Amazon. Investors’ growing willingness to take risk in equity markets thus naturally boosted demand for digital assets as well.
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Bitcoin awaits the Fed’s decision and runs into strong price resistance
Mike Wilson, chief equity strategist at investment bank Morgan Stanley, also contributed to the overall optimism. He said that after a correction lasting several months, technology markets have seen the worst and may be entering a new growth phase. Positive market sentiment was further supported by expectations surrounding the U.S. Fed meeting. According to the FedWatch tool, the market is pricing in a probability of more than 90% that interest rates will be left unchanged in the 3.75% to 4.00% range, which gives investors the needed certainty about the stability of monetary conditions.
Despite the encouraging signals, however, technical analysts led by Rekt Capital warn that Bitcoin is not yet out of the woods. The key obstacle remains the resistance zone between $81,600 and $84,000, where there is a high concentration of sell orders and a risk of leveraged positions being liquidated. From a higher-timeframe perspective, Bitcoin continues to move within a broader macro accumulation zone between $60,000 and $80,000. Until the market convincingly breaks out of this structure and confirms the zone above $82,000 as new support, the possibility of further consolidation or another drop to lower price levels remains open.
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Article sources:
- Kryptomagazín Terminal – price performance data and the Nasdaq technology index
- CoinGlass – statistics and open interest volumes in the futures market
- TradingView – price data for the BTC/USD currency pair and the KOSPI index
- Analyst Rekt Capital – technical analysis of Bitcoin trendlines
- CME Group – the FedWatch tool and interest rate probabilities
- CNBC – Morgan Stanley’s Mike Wilson on stock market developments
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