Bitcoin Price Eyes $82K as Morgan Stanley Sees Correction Fading

Bitcoin moved closer to $82,000 on Wednesday, reaching $81,687 on Bitstamp as buyers strengthened bids around the $79,000 and $80,000 levels. TradingView data showed BTC avoiding new hourly lows, while CoinGlass indicated growing liquidation liquidity near those price levels. Resistance remains concentrated around $82,000, making a sustained move above that area the next test for the rebound.

Risk sentiment improved across global technology markets. South Korea’s KOSPI Composite Index jumped 6.63% on Wednesday, returning above 6,000 points for the first time since Oct. 14 and extending its weekly gain to 9.3%. The Nasdaq Composite rose 1.1% on Tuesday as investors prepared for earnings from Microsoft, Alphabet, Amazon and Intel, while Samsung was scheduled to release its third-quarter results on Thursday. Concerns about heavy AI spending and debt financing also eased.

Morgan Stanley Chief US Equity Strategist Mike Wilson said the technology sell-off that began earlier in October was largely over, describing the market as entering a new bullish phase. “Most of the correction is already over,” Wilson told CNBC, adding that the four- to five-month pullback had already been digested. Crypto traders were also watching the Federal Reserve’s rate decision, with CME Group’s FedWatch showing a 90.6% probability that policymakers would maintain the target range between 3.75% and 4%.

Crypto analyst Rekt Capital said Bitcoin’s weekly chart still resembles its structure during the 2022 bear market, particularly after repeated moves below $80,000. It remains unclear whether BTC can establish a new trading range above $82,000, with traders monitoring that resistance alongside support clustered around $79,000 and $80,000.