Bitcoin Eyes $80K Support Retest as Stocks Rebound Ahead of Tesla, Meta Earnings

Bitcoin opened the third week of October trading around $82,000, with analysts bracing for a retest of the $80,000 support level as global stock markets attempt to recover from last week's sharp sell-off. The rebound comes ahead of a heavy slate of third-quarter corporate earnings from US tech giants, with SpaceX reporting Tuesday followed by Tesla and Meta on Wednesday. Roughly 15% of S&P 500 companies are set to release results this week, putting tech-sector performance under intense scrutiny.

The recent downturn was triggered by South Korean markets, where the KOSPI Composite Index plunged 2.8% on October 12 and briefly touched a weekly low of 5,455 before settling at nearly 17% week-to-date losses. Concerns over AI-related capital expenditure and mounting debt obligations fueled selling pressure across Asian and US tech stocks, while fears of semiconductor competition from China compounded losses in Korea. The S&P 500 wrapped Friday down 2% for the week, though Monday's session saw KOSPI gain 1.8% and S&P 500 futures rise 0.7%, suggesting the social media-driven panic over a potential 'Black Monday' event was overblown.

Macro signals are turning cautiously supportive for risk assets. Markets have now priced out two additional Federal Reserve rate hikes for 2026, with traders assigning 75% odds to just one further 25-basis-point increase by year-end. Persistent US inflation and a global energy crisis have left equities positioned for a rally on any signs of improving conditions, according to market commentator The Kobeissi Letter. However, Bitcoin delivered a weekly close below key local support after the Coinbase Premium Index dropped to -0.14, its lowest reading since late June, indicating waning US buyer demand that could pressure prices lower in the short term.