Bitcoin held above $82,500 on Wednesday, tracking movements in major U.S. equity indices as companies begin to release third-quarter earnings.
The flagship cryptocurrency was broadly flat at $82,773, after rebounding from lows near $81,000 on Tuesday following an unverified report that said mediators had presented a new proposal to the U.S. and Iran, which boosted risk assets including cryptocurrencies.
Bitcoin, often seen as trading in tandem with tech and artificial intelligence stocks, has diverged from equities in recent weeks, but there is evidence the correlation is returning, according to Julian Pineda, market analyst at financial services network StoneX.
"The 10-day correlation with the Dow is close to turning positive, while the correlation with the S&P 500 is already slightly positive, although the relationship remains relatively weak for now," he said. Bitcoin might be following stock markets because of a lack of major economic data this week, he added.
Bitcoin ETFs saw net inflows of $526.7 million on Monday, starting the week on a positive note after last week's outflows, and marking the largest inflow in nearly a month, according to CoinGlass data.
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