Bitcoin reached a price of $83,300 following the opening of Wall Street on Tuesday, marking its highest level since October 14. The asset later retreated toward the $82,000 mark after encountering resistance at the 21-day simple moving average of $83,230.
The market rally coincided with positive third-quarter earnings reports from major US corporations, including General Motors and 3M. These results helped boost the Dow Jones Industrial Average by 1.2%, while the S&P 500 and Nasdaq Composite rose by 0.6% and 0.5% respectively.
Oil prices experienced volatility as US WTI crude initially surpassed $100 per barrel, reaching levels not seen since September 17, before falling below $96 at the start of the trading session. Investors are now awaiting further performance data from SpaceX, Tesla, and Meta.
Data from CoinGlass indicates that the price surge led to $125 million in short liquidations within a single hour. Total open interest across exchanges increased by 2.1% over 24 hours, reaching $53.86 billion, the highest level recorded since October 8.
Analysts from Material Indicators suggest that maintaining the 50-day simple moving average at $81,570 remains a critical indicator of market demand. Buyers have shown consistent support for this price range during recent trading sessions.
