Bitcoin price spikes to $83.3K as US stocks rise on Q3 earnings, oil falls
High US corporate earnings reports boosted stock markets and saw BTC price hit $83,300 before reversing at a 21-day trend line.
Bitcoin's price surged to $83,300 on Tuesday as strong US corporate earnings reports lifted stock markets. After opening at $83,000 on Wall Street, the cryptocurrency recovered following positive Q3 earnings from companies like General Motors and 3M. US stocks, including the Dow Jones Industrial Average and S&P 500, rose by 1.2% and 0.6% respectively.
Despite a temporary increase in oil prices, which pushed WTI crude above $100 per barrel, the fall in oil prices later in the day helped stabilize the market. Bitcoin's breakout past a key resistance level was fueled by a reduction in short liquidations, with $125 million worth of trades occurring between 10 a.m. and 11 a.m. ET.
Analysts suggest that the 50-day simple moving average (50-day SMA) at $81,570 could play a crucial role in determining future demand for Bitcoin.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
