CoinDesk
Bitcoin rebounded 1.3% to nearly $82,000 in Friday Asian trading after buyers pushed it back above $80,000 within two hours of a brief drop to about $79,800. The price reached roughly $82,500 and held above $81,000, while ZEC led major cryptocurrencies with an 8% gain to about $1,190.
Why it matters
The recovery in Bitcoin and Asian equities points to a broader return of risk appetite after Thursday's selloff. MSCI's Asia Pacific equities gauge climbed 1.3%, and South Korea's Kospi jumped nearly 3% after closing at its lowest level since April. Samsung Electronics and SK Hynix each gained more than 2%, while Taiwan Semiconductor Manufacturing slipped as concerns about AI spending persisted.
The $80,000 level had already been defended twice in the past week, around $80,400. Buyers stepped in again when Bitcoin dipped below it, but the bounce has not yet cleared the next level traders are watching.
Market impact
Bitcoin's next test is $84,000, where a post-inflation rally stalled on Wednesday. A move above that level would strengthen the case that buyers are supporting the recovery; until then, the rebound remains short of that confirmation.
Macro signals remain in focus. Treasuries fell across the curve, lifting the 10-year yield by one basis point to 5.07%, as traders awaited remarks from Federal Reserve Chair Kevin Warsh at the IMF and World Bank meetings in Bangkok. The remarks follow hotter-than-expected September inflation data. SOL, Ether, XRP and TRX each gained about 1%, while BNB was little changed.
Frequently asked questions
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How quickly did Bitcoin recover after falling below $80,000?
Bitcoin returned near $82,500 within two hours of dipping to about $79,800, then held above $81,000 during Asian trading.
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Which Bitcoin price level are traders watching next?
Traders are watching $84,000, where Bitcoin's post-inflation rally stalled on Wednesday.
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How did Asian equities perform alongside Bitcoin's rebound?
MSCI's Asia Pacific equities gauge rose 1.3%, while South Korea's Kospi jumped nearly 3%. Samsung Electronics and SK Hynix each gained more than 2%.
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Why was Taiwan Semiconductor Manufacturing an exception in the stock rebound?
Taiwan Semiconductor Manufacturing slipped despite an upbeat outlook, as concerns about AI spending persisted.
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What macro events are traders monitoring after the Bitcoin bounce?
Traders are awaiting Federal Reserve Chair Kevin Warsh's remarks in Bangkok after hotter-than-expected September inflation. The 10-year Treasury yield rose one basis point to 5.07%.
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