Bitcoin (BTC) passed $84,000 after Wednesday’s Wall Street open as US stocks added to gains on more strong corporate earnings reports.
Key points:
- Bitcoin climbed nearly 2% on Wednesday to return to $84,600 for the first time since Oct. 7.
- SpaceX Q3 operating revenue beat expectations by nearly 15%, coming in at $14.6 billion.
- BTC price action needs a daily close above $83,400 to shift the focus higher in its trading range, crypto analyst Rekt Capital wrote.
SpaceX Q3 earnings help propel Bitcoin to $84,600
Data from TradingView showed BTC/USD gaining nearly 2% on the day as markets reacted to a significant Q3 earnings beat from SpaceX.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
After the market close on Tuesday, SpaceX reported a Q3 revenue of $14.6 billion, up 161% year-on-year and beating expectations by nearly 15%. The net income of the company was $4.4 billion for the quarter.
“The combination of our launch leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure continues to drive meaningful operating leverage,” chief financial officer Bret Johnsen commented on the earnings release.
US stocks were green at the start of the US trading session, with the tech-heavy Nasdaq Composite Index 0.7% higher at 26,601 points before retracing some of its gains. Tesla and Meta earnings are due after Wednesday’s market close.
Nasdaq Composite Index one-hour chart. Source: Cointelegraph/TradingView
In a note quoted by CNBC, analysts at Truist Securities suggested that SpaceX’s performance had helped to calm market fears over corporate spending on AI buildouts. Last week, those misgivings resurfaced in a fresh tech sell-off that began in South Korea and spilled over to Asia and the US.
“Despite market concerns relating to financing for AI cloud providers this past week, we believe SpaceX’s third-quarter 2026 represents the first data point during the earnings season to support the bull case for AI cloud providers,” Truist wrote.
South Korea’s KOSPI Composite Index finished Wednesday’s trading session 3.29% higher at 5,735 points.
KOSPI Composite Index one-day chart. Source: Cointelegraph/TradingView
Analyst: BTC needs to reclaim $83,400 at daily close
BTC price action began to clear ask liquidity around $84,000, with total crypto short liquidations nearing $110 million over the past four hours, per data from CoinGlass.
Related: Bitcoin ‘top buyers’ halt BTC price upside with $87.7K now key: Glassnode
BTC liquidation heatmap. Source: CoinGlass
On four-hour time frames, BTC/USD broke above its 200-period simple moving average (SMA) at $83,878 for the first time since Oct. 14. The $84,000 mark hosted multiple equal highs originally generated between Oct. 11 and Oct. 14, reinforcing its status as a resistance level.
BTC/USD four-hour chart with 200-period SMA. Source: Cointelegraph/TradingView
In analysis on Wednesday, crypto trader and analyst Rekt Capital said that Bitcoin still needed a daily close above $83,400 to revisit the top of its local range.
“Bitcoin needs to avoid rejecting from $83400 (red) because that would once again send price below $82500,” he summarized on X alongside an explanatory chart.
BTC/USD one-day chart. Source: Rekt Capital on X.com