Bitcoin climbed above $84,000 following Wednesday’s Wall Street opening, buoyed by robust corporate earnings in the United States. The leading cryptocurrency gained nearly 2% during the session, reclaiming the $84,600 level for the first time since early October.
US markets rally on SpaceX results
SpaceX, the private American space technology company founded by Elon Musk, reported third-quarter operating revenue of $14.6 billion. This figure surpassed analyst expectations by almost 15% and marked a year-on-year increase of 161%. The company also posted a net income of $4.4 billion for the quarter.
Bret Johnsen, chief financial officer at SpaceX, attributed the positive results to a combination of the firm’s launch leadership, recurring Starlink broadband revenues, and the scaled expansion of its systems infrastructure. He noted these factors are continuing to generate meaningful operating leverage for the company.
“The combination of our launch leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure continues to drive meaningful operating leverage,” explained Bret Johnsen, SpaceX CFO, in the latest earnings release.
Following the earnings release, US stocks opened higher, with the Nasdaq Composite Index rising 0.7% to 26,601 points before slightly retracing. Investors are also anticipating earnings announcements from other technology giants such as Tesla and Meta, which are set to release their results after the closing bell.
Meanwhile, analysts from Truist Securities commented that SpaceX’s strong quarter had helped ease recent market concerns about heavy corporate spending on artificial intelligence infrastructure. These worries had triggered a tech sector sell-off last week, affecting both Asian and US markets.
Truist Securities analysts indicated that SpaceX’s third-quarter results delivered a supportive data point for the bull case in AI cloud services, suggesting market misgivings about corporate financing for these projects may be easing.
Asian equity markets also responded positively, with South Korea’s KOSPI Composite Index closing up 3.29% at 5,735 points.
Mini dictionary: SpaceX, founded in 2002 by Elon Musk, is a US-based aerospace manufacturer and satellite communications company known for developing reusable rockets and the Starlink satellite internet network.
Key resistance for Bitcoin as liquidation levels rise
As Bitcoin moved past $84,000, trading activity prompted total cryptocurrency short liquidations of nearly $110 million in the previous four hours, according to data from CoinGlass. Analysts note that Bitcoin’s price action is now clearing out selling interest at higher levels, with the $84,000 range serving as a major technical resistance zone.
| Metric | Value |
|---|---|
| BTC daily high | $84,600 |
| Resistance level | $84,000 |
| Key support | $82,500 |
| Short liquidations (4h) | $110 million |
| SpaceX Q3 revenue | $14.6 billion |
| SpaceX Q3 net income | $4.4 billion |
One technical catalyst was Bitcoin’s push above its 200-period simple moving average (SMA) on the four-hour chart, breaching $83,878 for the first time since October 14. During the same period in October, Bitcoin established a series of equal highs between $84,000 and $84,600, reinforcing that price range as a resistance level that traders are now watching closely.
Analysts set near-term targets for BTC
Analyst and trader Rekt Capital commented that, while Bitcoin has broken above several resistance levels, it must secure a daily closing price above $83,400 to signal further upside and revisit the upper portion of its short-term trading range.
He warned that a failure to close above $83,400 would likely see the cryptocurrency fall back below $82,500, effectively stalling the current upward momentum.
Rekt Capital also highlighted that the $84,000 level, which has produced multiple equal highs in recent weeks, remains a critical obstacle for bullish price action in the coming days.
