Bitcoin (BTC) pushed back toward $82,000 on Wednesday as South Korea's KOSPI Composite Index surged more than 6%, with the largest cryptocurrency extending a rebound from repeated dips below $80,000 while resistance held firm near the $82,000 level. The overlapping strength underscored how closely digital-asset traders follow equity-market signals during a week packed with central-bank and earnings catalysts.

Bitcoin reclaims the $80,000 zone as bid liquidity builds

Data from TradingView showed BTC/USD extending an intraday rebound to $81,687 on Bitstamp during Wednesday trading. The pair avoided fresh lower lows on hourly time frames as bid liquidity thickened around the $79,000 and $80,000 levels, according to CoinGlass's BTC liquidation heatmap, a tool that maps price zones with concentrated leveraged liquidation levels. With resistance intact near $82,000, analysts remained uncertain about where BTC/USD would build its next trading range, with Wednesday's Federal Reserve decision and a heavy slate of technology earnings among the macro events traders were monitoring into the session.

Crypto markets strengthened gradually as nerves over AI spending and debt financing eased.

KOSPI jumps 6.63% as tech stocks rebound

South Korea's KOSPI Composite Index finished Wednesday's session 6.63% higher, returning above 6,000 points for the first time since Oct. 14, as technology stocks recovered from their earlier October losses. The index's week-to-date upside stood at 9.3%. South Korea ranks among the world's most active cryptocurrency trading markets, and swings in its equity benchmark are closely watched by crypto traders as a read on regional risk appetite.

In the United States, the tech-heavy Nasdaq Composite Index closed up 1.1% on Tuesday ahead of major corporate earnings from Microsoft, Alphabet, Amazon and Intel — results being parsed for signals on the pace of AI-related capital expenditure. Samsung, the KOSPI's largest constituent, is due to report its Q3 earnings on Thursday.

Morgan Stanley strategist says 'most of the correction is already over'

Speaking to CNBC, Mike Wilson, chief US equity strategist at Morgan Stanley, said technology stocks were entering a new bullish phase on the back of their rebound from the sell-off earlier in October.

"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 told the network on Tuesday.

Markets continued to expect the Federal Reserve to hold rates at its Wednesday meeting, with CME Group's FedWatch tool showing 90.6% odds of rates staying in their current 3.75%-4% range.

Analyst maps BTC's weekly chart onto the 2022 bear market

Commenting on Bitcoin's repeated dips below $80,000, crypto trader and analyst Rekt Capital drew fresh comparisons to the 2022 bear market. According to the analyst, the weekly chart for BTC/USD resembles 2022's structure, and it remains unclear whether the pair will build a new range above resistance around $82,000.

On weekly time frames, the pair has yet to discard a "macro accumulation range pattern" between $60,000 and $80,000 — a structure describing a prolonged consolidation band between defined upper and lower boundaries — Rekt Capital added.

Related: Bitcoin price analysis sees 'strong rally' as old coins become dormant

Source: Cointelegraph