Bitcoin Holds Near $83,000 as Tech Earnings Boost Sentiment

Bitcoin holds near $83,000 — Bitcoin traded near $83,000 on Wednesday, supported by a broader rally in technology stocks fueled by strong corporate earnings reports.

The leading cryptocurrency rose 1.3% to just above $82,700 during Asian trading hours. The move coincided with a surge in Asian chip stocks following positive earnings results from SpaceX and Super Micro Computer, which revived investor enthusiasm for the artificial intelligence sector.

Zcash (ZEC) led major cryptocurrencies higher, jumping 11% to approximately $1,260. The rally followed an announcement from Zcash developers setting the activation height for its upcoming NU7 network upgrade. The upgrade is designed to reduce block times to 25 seconds, aiming to make payment confirmations three times faster.

In a market note, analysts at asset manager Hashdex suggested Bitcoin’s prolonged bearish phase may be nearing an end. They noted, however, that the cryptocurrency would need to reclaim the $84,000 level before the Federal Reserve’s policy meeting on October 27-28 to signal a clear return to strength.