Bitcoin jumped nearly 2% to $84,600 on Wednesday — its highest level since October 7 — after SpaceX smashed its earnings forecasts and lifted stock markets. Short sellers lost nearly $110 million in just four hours, and traders now watch whether Bitcoin can hold a daily close above $83,400 and make a real run at $85,000.
Key points:
- Bitcoin climbed nearly 2% to $84,600, its first visit to that level since Oct. 7, as US stocks rose after the SpaceX earnings beat.
- SpaceX posted Q3 revenue of $14.6 billion, up 161% in a year and about 15% above forecasts, with net income of $4.4 billion.
- Nearly $110 million in crypto short bets were wiped out in four hours, and BTC broke above its 200-period average near $83,878.
The stock market set the tone. The tech-heavy Nasdaq rose about 0.7% to 26,601 points at the open, and South Korea's KOSPI index finished about 3.29% higher at 5,735 points. Analysts at Truist Securities said SpaceX's strong results helped calm fears about heavy AI spending — the same fears that sparked last week's tech sell-off, which began in South Korea and spilled into Asia and the US. Tesla and Meta earnings are due after Wednesday's close, so the mood can still change fast.
Read also: Bitcoin Drops to $81,400 as Chip Stocks Crash — Can $80K Hold?
Can Bitcoin hold above $83,400?
On the charts, Bitcoin started clearing sell orders around $84,000 and broke above its 200-period simple moving average at about $83,878 for the first time since October 14. The $84,000 zone is real resistance: it hosted several equal highs between October 11 and 14. Trader and analyst Rekt Capital said Bitcoin still needs a daily close above $83,400 to revisit the top of its local range, and warned that a rejection there could send the price back below $82,500.
For traders, this move shows Bitcoin trading like a tech stock again — rising when earnings news lifts risk appetite, after falling in lockstep with chip and AI shares last week. If buyers hold $83,400 and push through $85,000, data firm Glassnode has flagged about $87,700 as the next key level above. If the close fails, the same fast money that chased the rally can rush out just as quickly.
Read also: Bitcoin ETFs Pull In $527 Million — Biggest Day Since September?
— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: Cointelegraph, CoinDesk, CoinGlass, TradingView
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