Bitcoin Nears $82,000 as Strategist Sees Correction Ending

Bitcoin rose to $81,687 on Wednesday, Oct. 28, extending its rebound while resistance remained near $82,000. Buying interest increased around $79,000 and $80,000, and the cryptocurrency avoided setting new hourly lows. Earlier in October, US spot Bitcoin ETFs recorded three consecutive sessions of inflows totaling more than $1 billion.

South Korea’s KOSPI Composite Index gained 6.63% Wednesday, returning above 6,000 points for the first time since Oct. 14. The index was up 9.3% for the week, supported by a recovery in technology stocks that had declined earlier in October.

The Nasdaq Composite closed 1.1% higher Tuesday ahead of quarterly results from Microsoft, Alphabet, Amazon and Intel. Samsung was scheduled to report its third-quarter earnings Thursday.

Morgan Stanley chief U.S. equity strategist Mike Wilson described the stock market’s correction as largely complete in remarks Tuesday. “Most of the correction is already over. We’ve been in correction mode for four or five months… the market I think has digested this very efficiently,” he said. Wilson also described technology stocks as entering a new bullish phase after their October decline.

Investors expected the Federal Reserve to leave its target interest-rate range unchanged at 3.75% to 4% at its Wednesday meeting. The CME Group’s FedWatch tool put the probability of no change at 90.6%.

Bitcoin remained below the $82,000 resistance level. Crypto analyst Rekt Capital compared Bitcoin’s weekly chart with its structure during the 2022 bear market. The analyst said Bitcoin had not broken out of a broader accumulation range between $60,000 and $80,000, leaving uncertainty over where the next trading range would form.