Bitcoin buyers snap up a brief drop below $80,000 as Asian stocks rebound
Buyers defended a key support zone as Asian chip stocks and regional equities recovered, while traders watched hotter U.S. inflation and Fed commentary.
- Bitcoin rose 1.3% to nearly $82,000 on Friday Asian morning hours after buyers pounced on a brief drop below $80,000, with Asian chip stocks bouncing back from Thursday's rout.
- Market volatility followed Wednesday's inflation report showing consumer prices rose 3.7% annually, driving Bitcoin to a weekly low of $79,800 on Thursday before the rebound.
- Bitcoin's immediate test remains the 50-day moving average at $81,279, while analysts note a sustained break above $84,200 is needed to challenge the prevailing bearish trend.
- Traders now turn to Federal Reserve Chair Kevin Warsh, who speaks Friday at the IMF and World Bank meetings in Bangkok following September's hotter-than-expected inflation data.
- Crypto analyst Jesse Olson and trader Ardi maintain a cautious outlook, arguing the recent recovery lacks the strength needed to reverse the daily chart's bearish structure.
21 Articles
21 Articles
Bitcoin price tests $81K support as bears hold control, can BTC recover?
Bitcoin traded near $81,400 on Oct. 16 after rebounding from a weekly low of $79,800, leaving its recovery dependent on holding the 50-day moving average and breaking a pattern of lower highs. Bitcoin’s daily chart showed a price of $81,345.75,…
Bitcoin Under Pressure, But ‘Difficult’ Isn’t ‘Bearish’: CoinShares
Bitcoin’s price has dropped this week as new inflation data has come in hot. But while the largest cryptocurrency’s near-term setup is difficult, it’s not “fundamentally bearish,” according to European asset manager CoinShares’ Head of Research, James Butterfill. In a report Friday, the analyst said that bitcoin’s near-term challenge stems from a macro environment that’s caught in an awkward middle ground: inflation is too elevated for the Fed…
Bitcoin Price Hovers Near $81K as Analysts See Potential Market Bottom
Bitcoin slipped below $81,000 on Oct. 16 amid heightened market volatility, but analysts remained cautiously optimistic, suggesting a potential local bottom. Bitcoin Dips Below $81,000 After Midweek Reversal Bitcoin lost the $82,000 threshold Friday, roughly 24 hours after reversing a downtrend that saw the cryptocurrency dip below $80,000 for the first time in weeks. […]
Economy: Bitcoin rose today Friday, retreating from some of its recent losses, thanks to the decline in US Treasury bills and oil prices...
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