- Bitcoin climbed nearly 2% to return to $84,600 for the first time since Oct. 7.
- SpaceX reported Q3 operating revenue of $14.6 billion, beating expectations by nearly 15%.
- BTC needs a daily close above $83,400 to shift the focus higher, according to crypto analyst Rekt Capital.
Bitcoin surged past $84,000 on Wednesday after Wall Street opened, as strong corporate earnings from SpaceX boosted investor sentiment and drove US stocks higher. The largest cryptocurrency gained nearly 2% to reach $84,600, its highest level since Oct. 7, according to TradingView data.
SpaceX reported third-quarter revenue of $14.6 billion, a 161% year-over-year increase and nearly 15% above analyst expectations. The company’s net income for the quarter reached $4.4 billion, with CFO Bret Johnsen citing “launch leadership, recurring Starlink revenue, and significant expansion of our SI infrastructure” as drivers of operating leverage.
The tech-heavy Nasdaq Composite Index rose 0.7% at the open before paring gains, while South Korea’s KOSPI finished 3.29% higher. Analysts at Truist Securities noted that SpaceX’s performance helped calm market fears over corporate spending on AI infrastructure, which had triggered a recent sell-off.
Bitcoin’s price action cleared ask liquidity near $84,000, causing over $110 million in total crypto short liquidations in four hours. On four-hour timeframes, BTC/USD broke above its 200-period simple moving average at $83,878 for the first time since Oct. 14, with the $84,000 level reinforcing resistance after multiple equal highs.
Crypto analyst Rekt Capital cautioned that Bitcoin still needs a daily close above $83,400 to revisit the top of its local range. “Bitcoin needs to avoid rejecting from $83400 because that would once again send price below $82500,” he wrote on X.
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