Bitcoin rose to about $84,600 on Wednesday, its highest level since Oct. 7. The rally followed a strong third-quarter report from SpaceX. Late Wednesday trading kept BTC near $84,500, still w
Bitcoin rose to about $84,600 on Wednesday, its highest level since Oct. 7. The rally followed a strong third-quarter report from SpaceX. Late Wednesday trading kept BTC near $84,500, still well below key resistance zones.
SpaceX reported Q3 revenue of $14.6 billion, up 161% from a year earlier and almost 15% above forecasts. Net income was $4.4 billion. Its shares jumped more than 7% on Wednesday.
Truist analysts said the report was the first earnings data point this season to support the bull case for AI infrastructure. That mattered because AI spending fears caused a tech sell-off last week. It began in South Korea, spread across Asia, and reached US markets by Friday.
Elon Musk also said SpaceX and Tesla have formed special committees to study a merger. CoinDesk reported that a combined company would hold more than 30,000 BTC. Tesla rose over 3% on the news.
Crypto followed equities rather than leading them. Wintermute’s Jasper De Maere told CoinDesk that gains remain tied to the equity rebound, not a new crypto catalyst. That makes Bitcoin’s move dependent on how long tech sentiment holds.
Bitcoin hit an all-time high near $126,200 on Oct. 6, 2025. It fell to about $85,000 by late November and opened 2026 at $87,490. A rally in January failed near $97,100, and price then dropped by more than a third.
BTC traded between roughly $63,000 and $70,000 in February and mid-year. A spring rebound reached just above $82,000 in May and was rejected there. Price then rebuilt through the summer to about $77,000 in mid-September and $83,000 by late September.
October brought tests of $84,000 between Oct. 11 and Oct. 14, which formed resistance. Last week’s tech sell-off pushed BTC back toward $82,000. On Tuesday it reached $83,300 and stalled at the 21-day moving average.
Wednesday’s move cleared that barrier. Bitcoin passed its four-hour 200-period average at $83,878 for the first time since Oct. 14. CoinGlass recorded nearly $110 million in short liquidations over four hours, and forced buying added to the move.
Tesla reported Q3 revenue of $28.05 billion and adjusted earnings of 48 cents per share against a 44-cent forecast. Shares rose about 1.5% after hours. Meta reported $64.6 billion in revenue, above the $63.3 billion estimate, and narrowed its capital spending range to $135 billion to $145 billion.
These results extend the earnings run that lifted stocks on Tuesday. GM and 3M also beat forecasts, and the Dow reached its highest level since mid-September. Strategy rose 7% on Wednesday and MARA gained more than 3%.
Glassnode data shows heavy resistance above current prices. Investors who bought in late 2025 have a cost basis near $87,700, and many sell when price returns to breakeven. The 2026 open at $87,490 and the 20-month moving average at $87,165 sit in the same zone.
Past rejections at similar levels were costly. Bitcoin fell more than a third after the January rejection and about a quarter after the May one. Glassnode also noted that one-to-two-year holders increased selling during the early October rally.
Macro conditions add risk. WTI crude briefly passed $100 per barrel on Tuesday, and Brent trades near $110. The US 10-year Treasury yield is about 5.15%, and talks with Iran remain unresolved.
Analyst Rekt Capital says Bitcoin needs a daily close above $83,400 to target the top of its range. A rejection there could send price back below $82,500. XS.com warned that losing $82,500 could open a drop toward $70,000.
Support is better defined below. Glassnode places the US spot ETF cost basis at $81,500 and the $80,000 level as a magnet for bids. The true market mean sits near $77,500, and the 50-day average is near $81,570.
Spot ETF buyers support the case for staying above $80,000. They have held Bitcoin at an average cost of $81,500, so a drop below that level would put them at a loss. That gives them a reason to defend it, though not a guarantee.
Bitcoin has recovered the post-sell-off losses and cleared short-term resistance. The next test is whether it can hold above $83,400 on a daily close without further help from equities. A move beyond $87,700 would need fresh demand strong enough to absorb heavy selling from underwater holders.
