Live updates: Bitcoin tags $83,000 and slips back as chip stocks lead a rebound
Summary
Technology futures rebounded following last week's market drop, pulling bitcoin upward temporarily before selling pressure pushed the cryptocurrency back down. Meanwhile, upcoming corporate earnings reports will soon test the current strength of artificial intelligence investments across the sector.
Bitcoin climbed to just above $83,000 early Monday as a rebound in tech stock futures lifted risk appetite, then slipped back to about $82,400 within half an hour. The largest cryptocurrency had dipped to roughly $80,700 overnight and remains about $1,000 below the $84,000 level that turned it back on Oct. 13 and Oct. 14.
The bounce tracked stocks. Nasdaq 100 futures rose about 1.1% after a 5.5% weeklong selloff, and a chipmaker ETF jumped about 3% before the U.S. open, on pace for its first gain in 10 sessions. China's third-quarter GDP growth of 4.5% beat estimates, adding to the risk-on tone, while European stocks fell on political turmoil in France.
Altcoins were mixed. Ether rose about 0.75% to near $2,430, and DeFi tokens led: Arbitrum (ARB) jumped about 6.7%, Uniswap (UNI) 3.2% and Lido (LDO) 2.5%. Solana gained about 1.6% to around $106.
Derivatives show traders are still hedged. Crypto futures volume rose 51% to $146 billion, liquidations totaled $329 million, and the five most-traded options on Deribit were all bitcoin puts below the market price. Meta and Tesla report earnings Wednesday, a fresh test for the AI trade that bitcoin has been moving with.
Sources: CoinDesk (live updates) · CoinDesk Markets · Webull market data
Our Take
Bitcoin is trading like a tech stock right now, not like a hedge. It sold off with the Nasdaq last week and it is bouncing with the chips this morning. That makes QQQ the most important chart for BTC this week, and Meta's earnings on Wednesday night the most important event.
The key level is simple: $84,000. It rejected bitcoin on Oct. 13 and Oct. 14, and today BTC tagged $83,000 and faded within minutes. Sellers are still lined up under that ceiling. Until bitcoin closes above $84,000, every pop into the $83,000s is a range trade, not a breakout.
Levels we are watching (BTC near $82,500 on Webull at time of writing):
- Resistance: $83,000 (today's rejection), then $84,000 (the double top from Oct. 13-14). A clean break and hold above $84K would be the first real sign the tech rebound is carrying over to crypto.
- Support: $80,700 (Sunday's low), then $80,000 (briefly lost on Thursday). Losing $80K again opens the door to a deeper flush.
The heavy put buying cuts both ways. It shows the crowd is nervous, but it also means a squeeze is possible if $84K breaks and those hedges get unwound. For crypto-linked stocks like COIN, MSTR and the miners, take the cue from BTC and QQQ together: momentum setups make more sense when both are green and BTC is holding above $83K.
Opinion of Tech & Money Press. Not financial advice.
Opinion of Tech & Money Press. Not financial advice.
Source: Read the full story at CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data