Bitcoin Rebounds Above $80,000 as Tech Stocks Rally
Bitcoin reclaimed the $80,000 level within a day, buoyed by a rebound in U.S. technology stocks and easing geopolitical tensions in the Middle East. News that AI company Anthropic is pursuing an initial public offering (IPO) lifted risk appetite, while falling oil prices on hopes of progress in Midd
Bitcoin has reclaimed the $80,000 level within a day, driven by a rebound in U.S. technology stocks and easing geopolitical tensions in the Middle East. The AI company Anthropic's plans for an initial public offering (IPO) and news of Broadcom's large fundraising effort boosted risk appetite. Falling oil prices, due to hopes of progress in Middle East peace talks, also provided support.
Bitcoin reached $80,808 on Oct. 28, up 1.20% over the previous 24 hours. Despite the rebound, signs of weakness persist, with U.S. spot Bitcoin ETFs recording net outflows. The Coinbase Premium, indicating relative buying pressure, remained negative throughout October, suggesting weak underlying spot-market demand. Analysts suggest Bitcoin could rise to $82,500-$84,000 if it holds above $80,000 and exchange holdings decline, potentially making it an attractive hedge due to widening U.S. fiscal deficits.
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