Bitcoin Reaches $81,687 as Wilson Sees a New Bullish Phase for Tech Stocks

Bitcoin (BTC) reached $81,687 Wednesday as crypto trader Rekt Capital flagged resistance near $82,000, leaving its next trading range unsettled after South Korea’s KOSPI rose and the Nasdaq Composite closed higher Tuesday.

Bid liquidity clustered around $79,000 and $80,000. Rekt Capital said Bitcoin’s weekly chart retained similarities to the 2022 bear-market structure and still showed a broad accumulation pattern between $60,000 and $80,000. He said it remained unresolved whether Bitcoin would establish a new range above resistance near $82,000.

South Korea’s KOSPI Composite Index closed up 6.63% Wednesday, moving above 6,000 for the first time since Oct. 14. Its gain for the week so far was 9.3%. In the United States, the Nasdaq Composite closed 1.1% higher Tuesday ahead of earnings releases from Microsoft, Alphabet, Amazon and Intel.

Mike Wilson, Morgan Stanley’s chief U.S. equity strategist, said technology stocks were entering a new bullish phase after an early-October sell-off. “Most of the correction is already over,” Wilson said, describing a market that had absorbed four or five months of correction efficiently. His remarks concerned stocks, not Bitcoin. Wilson said Monday that a correction in parts of the stock market was nearing its final stage.

Markets expected the Federal Reserve to hold its target range at 3.75% to 4% at Wednesday’s meeting.