Bitcoin
Bitcoin climbed nearly 2% following Wednesday’s Wall Street opening, rising above $84,000 and reaching $84,600 for the first time since early October. The move coincided with a rally in US equities following stronger-than-expected third-quarter results from SpaceX, while nearly $110 million in cryptocurrency short positions were liquidated over a four-hour period.
The simultaneous gains in equities and digital assets suggest that improving sentiment across technology-related markets may be supporting Bitcoin’s recovery. However, the cryptocurrency is approaching a technically significant resistance zone, leaving the sustainability of the rally dependent on whether buyers can maintain the recent breakout.
SpaceX reported third-quarter operating revenue of $14.6 billion, approximately 15% above analyst expectations and 161% higher than a year earlier. The company also recorded net income of $4.4 billion, highlighting the scale of its recent financial performance.
SpaceX Chief Financial Officer Bret Johnsen attributed the results to the company’s launch operations, recurring revenue from its Starlink satellite broadband business and the expansion of its systems infrastructure. These activities, he said, continued to generate operating leverage.
The earnings report helped support broader US equity markets. The Nasdaq Composite rose 0.7% to 26,601 points after the opening bell before giving back some gains. South Korea’s KOSPI Composite Index also closed 3.29% higher at 5,735 points, reflecting a broader recovery in regional technology shares.
The results also addressed concerns surrounding corporate spending on artificial intelligence infrastructure. Truist Securities analysts said SpaceX’s performance provided support for the bullish case for AI cloud services, potentially easing market concerns about the financing and commercial viability of substantial infrastructure investments.
That context matters for Bitcoin because the cryptocurrency’s price action coincided with a recovery in risk appetite across technology-related markets. Strong corporate earnings can help improve sentiment toward growth-oriented assets, although the available price action does not establish that SpaceX’s results directly caused Bitcoin’s advance.
Investors were also awaiting quarterly results from Tesla and Meta after the US market close, creating another potential source of direction for technology stocks and broader risk sentiment.
Bitcoin’s own technical structure, meanwhile, has become increasingly important. The move above $84,000 took the asset through a resistance zone that had contained previous advances in October. Bitcoin recorded a daily high of $84,600, entering a range where earlier price action had established a series of similar highs between $84,000 and $84,600.
The cryptocurrency also moved above its 200-period simple moving average on the four-hour chart, breaking through $83,878 for the first time since October 14. The move represents a technical improvement in the short-term price structure, but a breakout above a moving average does not by itself confirm that the broader recovery will continue.
The rise also coincided with nearly $110 million in cryptocurrency short liquidations during the preceding four hours, according to CoinGlass data. Short liquidations occur when leveraged bearish positions are forcibly closed as prices move against them, potentially adding buying pressure to an advancing market.
The liquidation figure suggests that traders positioned for further declines faced increased pressure as Bitcoin moved higher. However, liquidations alone cannot establish whether the advance is supported by sustained spot-market demand or is primarily being amplified by the unwinding of leveraged positions.
The distinction is important as Bitcoin tests the upper boundary of its recent trading range. A move above resistance can encourage additional buying if the price remains elevated, but a failure to hold the breakout may expose the market to renewed selling once liquidation-driven demand subsides.
Analyst and trader Rekt Capital identified a daily close above $83,400 as an important condition for extending the recovery and revisiting the upper portion of Bitcoin’s short-term trading range. Although the price has moved above several resistance levels, confirmation at the daily close remains a key consideration in this assessment.
A sustained close above $83,400 would strengthen the case that Bitcoin is establishing firmer support after its advance. By contrast, failure to hold that level could weaken the breakout structure and increase the likelihood of a pullback below $82,500, which Rekt Capital identified as a potential downside area if upward momentum stalls.
The immediate market focus is therefore on whether Bitcoin can consolidate its gains above the reclaimed technical levels while holding the $84,000–$84,600 resistance zone under pressure. A sustained move through that range would provide stronger evidence of continued upside, while rejection could return attention to the $83,400 closing threshold and the $82,500 support area.
Corporate earnings and broader technology-market sentiment remain relevant to the near-term backdrop, but Bitcoin’s ability to hold its breakout will ultimately determine whether the latest advance develops into a more durable recovery or proves to be a temporary move amplified by short liquidations.
