Bitcoin hits $84,600 as SpaceX earnings lift US stocks

Bitcoin pushed to about $84,600 on Wednesday, up nearly 2% on the day and its highest level since Oct. 7, as a stronger-than-expected SpaceX earnings report lifted US tech stocks, Cointelegraph reports citing TradingView data. CoinDesk's live markets blog had BTC at $83,750, up 2.5% over 24 hours, shortly after the US open.

What moved markets

• SpaceX: third-quarter revenue of $14.6 billion, up 161% from a year earlier and almost 15% above forecasts, with net income of $4.4 billion. SpaceX shares were up about 10% in early trading and Tesla about 4%, CoinDesk noted. Talk of a SpaceX–Tesla tie-up was already in the air, as we covered in the merger talks that would combine more than 30,000 BTC.
• Stocks: the Nasdaq Composite was 0.7% higher at 26,601 points early in the session before giving back part of the gain. South Korea's KOSPI closed 3.29% up at 5,735.
• Next up: Tesla and Meta report after Wednesday's close.

Truist Securities analysts, in a note quoted by CNBC, said SpaceX's quarter was the first earnings-season data point to support the bull case for AI cloud providers after last week's tech sell-off.

The crypto side

• Liquidations: short positions worth close to $110 million were wiped out across crypto in about four hours, according to CoinGlass. If you're unsure how leveraged bets get closed out, see what perpetual futures are.
• Technicals: on four-hour charts BTC moved above its 200-period simple moving average at $83,878 for the first time since Oct. 14. Equal highs near $84,000 from Oct. 11–14 had acted as resistance.
• Levels traders watch: analyst Rekt Capital said bitcoin needs a daily close above $83,400 to retest the top of its range; a rejection there could send it back under $82,500.

Context

The move extends the rebound we tracked on Tuesday, when zcash led a crypto bounce and bitcoin regained $83,000. Analyst levels are opinions, not forecasts we endorse. The price snapshot above shows values from our data feed when the site was last built, so they may differ from live quotes.