Bitcoin price spikes to $83.3K as US stocks rise on Q3 earnings, oil falls
Data from TradingView showed BTC/USD gaining 1.5% to reach its highest levels since Oct. 14 before dropping back toward $82,000.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Crypto joined US stock markets in rallying as Q3 earnings reports beat expectations. Both General Motors and industrial conglomerate 3M beat earnings expectations, while the latter also increased its profit forecast.
The Dow Jones Industrial Average gained 1.2% on the back of the results to hit levels last seen on Sept. 14. Meanwhile, the S&P 500 and tech-heavy Nasdaq Composite Index traded up 0.6% and 0.5% at the time of writing.
Dow Jones Industrial Average one-day chart. Source: Cointelegraph/TradingView
Earnings helped mitigate the impact of a fresh oil-price uptick earlier in the day, which saw US WTI crude pass $100 per barrel for the first time since Sept. 17. However, WTI fell precipitously around the start of the US trading session to trade below $96.
CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingView
In a note on Monday, Jose Torres, senior economist at Interactive Brokers, already saw markets sensing relief after last week’s tech-focused sell-off, which spread to US markets by Friday.
“Improving moods regarding the prospects of modern technology have Wall Street breathing a sigh of relief as participants drop hedges, after the cost of volatility protection soared intraday on Friday, ahead of the intensifying selloff,” he wrote.
SpaceX is due to report Q3 performance figures after the market close on Tuesday, with Tesla and Meta due on Wednesday.
Bitcoin rejected at 21-day moving average
Bitcoin broke through a nearby wall of ask liquidity with its trip to $83,000, data from CoinGlass showed. Crypto markets saw $125 million in short liquidations between 10 a.m. and 11 a.m. ET.
Related: XRP 30-day exchange inflows pass 6B tokens as whales move to the sidelines
BTC liquidation heatmap. Source: CoinGlass
At the same time, total open interest on exchanges hit its highest levels since Oct. 8 at $53.86 billion, gaining around 2.1% in 24 hours.
In recent analysis, Keith Alan, cofounder of crypto trading platform Material Indicators, argued that a defense of the 50-day SMA at $81,570 would be a key indicator of overall demand.
“So far, repeated defenses of the 50-Day show that buyers are still protecting this range,” he commented in a post on X.
