Bitcoin Clears $84,000 as SpaceX Earnings Lift Tech Stocks
SpaceX results ease concerns over AI spending
SpaceX’s strong third-quarter results helped steady technology stocks, and Bitcoin climbed alongside them. BTC gained nearly 2% to trade above $84,000 on Wednesday. That rise gives traders a reason to watch the level closely, but it doesn't establish a lasting change in direction: the move still needs confirmation at the daily close before it can support a push toward the top of Bitcoin’s recent range.
SpaceX reported $14.6 billion in Q3 revenue, a 161% increase from a year earlier and nearly 15% above expectations. Net income reached $4.4 billion. Chief financial officer Bret Johnsen said the company’s launch position, recurring Starlink revenue and expanding SI infrastructure were driving “meaningful operating leverage,” according to the earnings release. Those figures give investors a concrete result to weigh against doubts about the cost of expanding AI infrastructure. They don't, on their own, show that every company spending heavily on AI will produce similar returns.
US stocks opened higher after the report. The Nasdaq Composite rose 0.7% to 26,601 before giving back part of its advance, a sign that the initial reaction didn't settle the broader debate about technology valuations or spending. Tesla and Meta were scheduled to report results after Wednesday’s close, giving investors another set of earnings to consider. The market's response to those reports could help show whether confidence is broadening or remains tied to a small number of strong results.
Nasdaq Composite Index one-hour chart. Source: Cointelegraph/TradingView
Truist Securities analysts said SpaceX’s results offered an early earnings-season data point in support of AI cloud providers, despite recent concerns about how those companies will finance expansion. Their note, quoted by CNBC, followed a tech sell-off that started in South Korea and spread across Asian and US markets last week. That sequence matters: a strong report can ease concern in the short term, while leaving questions about the scale and funding of future investment unresolved. South Korea’s KOSPI Composite Index gained 3.29% on Wednesday, closing at 5,735, adding to the day’s recovery in risk appetite.
KOSPI Composite Index one-day chart. Source: Cointelegraph/TradingView
Bitcoin tests a crowded resistance zone
Bitcoin’s climb pushed through ask liquidity near $84,000, where sell orders had been a hurdle to price gains. CoinGlass data showed crypto short liquidations approaching $110 million over a four-hour period. When prices rise quickly, traders betting on a decline can be forced to close positions, adding buying pressure; that can help explain a sharp move without proving that demand will persist. The price also moved above its four-hour 200-period simple moving average at $83,878, the first break above that level since Oct. 14.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
The $84,000 area has repeatedly capped advances: several equal highs formed there between Oct. 11 and Oct. 14. A cluster of similar highs can draw attention because traders may treat it as a clear test of whether buyers can push through the same selling zone. But crossing it intraday isn't enough to show that resistance has turned into support. A prior tech-driven sell-off also remains part of the market’s recent context, and that episode is a reminder that crypto can respond to shifts in broader risk appetite.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
Trader and analyst Rekt Capital said Bitcoin needs a daily close above $83,400 to make another attempt at the upper end of its local range. “Bitcoin needs to avoid rejecting from $83400 (red) because that would once again send price below $82500,” he wrote on X. His levels put the immediate question in practical terms: can Bitcoin finish the day above the price area that has recently mattered, or will sellers push it back down? A daily close would offer a clearer signal than a brief move above resistance, though it wouldn't guarantee a continued advance.
BTC/USD one-day chart. Source: Rekt Capital on X.com
What the next session may clarify
Here's the thing: the earnings boost and Bitcoin’s price action are connected through market sentiment, but they aren't the same signal. Strong results can make investors more comfortable taking risk, while Bitcoin still has to contend with its own nearby resistance and the possibility that a breakout will fail. This is more significant than it looks because the price has reclaimed a closely watched moving average while testing a level that has turned back earlier advances. And yet, one session can't settle whether that improvement will hold.
If you're working in this space, the distinction matters: a move alongside rising technology stocks can reflect a broader change in appetite, while Bitcoin’s daily close can show whether buyers are defending the asset’s own key levels. (And this is the part most people overlook: liquidations can amplify a move, but they don't tell you whether new buyers will keep showing up.) For now, traders are watching whether resistance around $84,000 gives way and whether Bitcoin holds above the levels it has just reclaimed. The next test. A close above the relevant levels would strengthen the case for another attempt at the range’s upper end; a rejection would leave the recent ceiling in place.
Related: Bitcoin ‘top buyers’ halt BTC price upside with $87.7K now key: Glassnode
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