Bitcoin reached $81,687 on the Bitstamp exchange as the asset aimed to re-establish support at the $80,000 level. Market data from CoinGlass indicates that bid liquidity has increased around the $79,000 and $80,000 marks, helping the pair avoid new lows on hourly time frames.
The broader market sentiment improved as concerns regarding AI spending and debt financing subsided. In South Korea, the KOSPI Composite Index rose 6.6% to finish above 6,000 points. Meanwhile, the US Nasdaq Composite Index closed 1.1% higher on Tuesday, ahead of upcoming quarterly earnings reports from major technology firms.
Mike Wilson, chief US equity strategist at Morgan Stanley, stated that the majority of the recent market correction is likely complete. He noted that the market has processed the volatility efficiently after a four-to-five-month period of correction. Investors are now awaiting the Federal Reserve meeting, with a 90.6% probability that rates will remain in the 3.75-4% range.
Analyst Rekt Capital observed that the current weekly chart for BTC/USD shares structural similarities with the 2022 market. The asset remains within a macro accumulation range between $60,000 and $80,000. It is currently unclear if Bitcoin will successfully establish a new trading range above the resistance level near $82,000.
