High US corporate earnings reports boosted stock markets and saw BTC price hit $83,300 before reversing at a 21-day trend line.
Bitcoin (BTC) returned to $83,000 after Tuesday’s Wall Street open as US stocks gained on strong earnings reports.
Data from TradingView showed BTC/USD gaining 1.5% to reach its highest levels since Oct. 14 before dropping back toward $82,000.
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.
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.
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 .
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