Investing.com– Bitcoin rose on Wednesday, extending a mild rebound from the prior session as strong overnight corporate earnings in the U.S. helped stimulate some risk appetite.
But a rebound in oil prices– which remained near 5-month highs– and continued uncertainty over the long-term artificial intelligence trade kept gains in Bitcoin and crypto markets limited.
Bitcoin rose 2.5% to $83,490.2 by 02:29 ET (06:29 GMT).
Bitcoin sits in tight range amid storm of negative factors
The world’s largest crypto has remained in a tight trading range– of between $80,000 to $87,000– over the past month, as a host of global economic uncertainties dulled appetite for crypto.
Chief among these was growing uncertainty over rising interest rates, which sent Treasury yields soaring through October. Rising yields dull appetite for speculative, risk-heavy currencies like crypto.
Bitcoin had also briefly fallen $80,000 amid pressure from yields.
Rising oil prices, due to geopolitical ructions in the Middle East and between Russia and Ukraine, also dented appetite for risk-heavy assets.
The negative factors left Bitcoin trading down about 1% so far in October after strong gains in the past three months.
At its current pace, Bitcoin was likely to duck a historic trend of crypto strength in October– dubbed “uptober”– for a second consecutive year.
While capital flows into the crypto’s spot exchange-traded funds picked up this week, after two weeks of outflows, its price action was yet to reflect the inflows.
Crypto price today: altcoins drift higher, but nurse muted Oct performance
Broader crypto prices firmed tracking Bitcoin on Wednesday, but were also nursing a middling performance so far in October, as momentum from the third quarter largely stalled.
World no.2 crypto Ether rose 3.3% to $2,462.67, while XRP added 5.2%.
Solana climbed 2.9%, Cardano added 4.6%, and BNB firmed by 3%.
Among memecoins, Dogecoin rose 4% and $TRUMP surged over 7%.
Vahid Karaahmetovic contributed to this report.
Original Article
Bitcoin climbs to $83.5k but oil, AI jitters limit upside
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