Bitcoin Hits $83.3K as Stocks Rise and Oil Falls

Bitcoin rose to $83,300 on Tuesday before retreating toward $82,000. U.S. stocks advanced after General Motors and 3M reported better-than-expected third-quarter results, while oil prices fell after briefly topping $100 a barrel.

Bitcoin gained as much as 1.5%, reaching its highest price since Oct. 14. It later fell back near its 21-day simple moving average at about $83,230 and traded around $83,000 after the U.S. market opened.

The Dow Jones Industrial Average rose 1.2%, reaching levels last seen on Sept. 14. The S&P 500 gained 0.6%, and the Nasdaq Composite rose 0.5%.

3M also raised its profit forecast. The results came after technology stocks and broader markets fell last week.

West Texas Intermediate crude rose above $100 a barrel early Tuesday, reaching about $101 for the first time since Sept. 17. It then fell nearly 5% around the start of U.S. trading, dropping below $96.

In a Monday market note, Jose Torres, senior economist at Interactive Brokers, wrote that improving sentiment around technology companies had eased pressure on U.S. markets. He wrote that investors were reducing hedges after the cost of protecting against market volatility rose during Friday’s sell-off.

Bitcoin’s move above $83,000 cleared a nearby concentration of sell orders, according to CoinGlass data. Crypto markets recorded about $125 million in short liquidations between 10 a.m. and 11 a.m. Eastern time. Short liquidations occur when traders betting on lower prices are forced to close their positions.

Total open interest across crypto exchanges rose about 2.1% in 24 hours to $53.86 billion, the highest level since Oct. 8. Open interest measures the value of outstanding futures and other derivatives contracts.

Keith Alan, co-founder of crypto trading platform Material Indicators, identified the 50-day simple moving average near $81,570 as a key demand level. Repeated defenses of that level indicated continued buying support, while the 21-day average near $83,230 remained short-term resistance.

SpaceX is scheduled to report its third-quarter performance after the U.S. market closes Tuesday. Tesla and Meta are scheduled to release their results Wednesday.