Bitcoin regained the $83,000 level after a rebound in U.S. stocks.

Cointelegraph reported on Oct. 20, local time, that bitcoin rose 1.5 percent after Wall Street opened and climbed to its highest level since Oct. 14.

The rise coincided with a recovery in risk appetite after major U.S. companies reported third-quarter results that beat market expectations. General Motors and industrial conglomerate 3M both posted results above expectations, and 3M also raised its profit outlook. The Dow Jones Industrial Average rose 1.2 percent to its highest level since Sept. 14. The S&P 500 and the Nasdaq Composite were up 0.6 percent and 0.5 percent at the same time.

Oil prices, which had been pressuring markets, also fell quickly. U.S. West Texas Intermediate crude had earlier topped $100 a barrel but later slipped below $96. Strength in stocks and a pullback in oil drew buying into the cryptocurrency market.

There were also signs that investor sentiment was calming. Jose Torres, chief economist at Interactive Brokers, projected on Oct. 19 that investors were reducing hedged positions as sentiment improved on the outlook for tech stocks.

As bitcoin moved back above $83,000, some short-term sell orders were also absorbed. CoinGlass data showed $125 million in short-position liquidations in just one hour. Total futures open interest also rose about 2.1 percent over 24 hours to $53.86 billion, the highest since Oct. 8.

Technical resistance remains. Keith Alan (키스 앨런), co-founder of cryptocurrency trading platform Material Indicators, said holding the 50-day simple moving average (SMA) at $81,570 is a key indicator for gauging overall demand. He said the 50-day line has repeatedly held so far, showing buyers are still defending this range.

At the top, the 21-day simple moving average acted as resistance. Alan said the 21-day line near $83,230 is currently working as short-term resistance. He added that whether bitcoin extends gains depends on support in the $81,000 range and a break above resistance in the $83,200 range.

Attention is also turning to earnings from U.S. big tech companies. SpaceX is set to release third-quarter results after the close on Oct. 20, while Tesla and Meta are due to report on Oct. 21. The market is watching whether bitcoin can keep moving in step if risk appetite in stocks continues.

Is Bitcoin building a durable base—or simply delaying a deeper flush? Another rejection at the 21-Day SMA has created another lower high, sending bitcoin:native price back into the consolidation range for fresh test of the 50-Day SMA. So far, repeated defenses of the 50-Day show that buyers are still protecting this range. IMO - That makes it worth watching for incremental DCA entries into a longer-term position. The caveat: bulls still haven’t reclaimed the Quarterly Open near $83.5k. Until they do, downside risk remains elevated. If the 50-Day SMA fails, the next structural support levels are: • Macro trendline: ~$78.3k • 50-Week SMA + range low: $75k–$76.1k • Full range failure: $69k–$72k flush target Does the 50-Day hold again, or are we headed for the lower support zones before a durable breakout?