Bitcoin price tags $84.6K as US stocks head higher on SpaceX Q3 earnings beat — SkimNews
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- Bitcoin rose nearly 2% to surpass $84,000 as Wall Street opened, clearing ask liquidity and breaking above its 200-period SMA at $83,878 on four-hour charts.
- SpaceX reported Q3 revenue of $14.6 billion, a 161% year-on-year increase and 15% above expectations, with $4.4 billion in net income driven by launch dominance and Starlink growth.
- Nasdaq Composite gained 0.7% at session open to 26,601 points, retracing slightly later, as tech sentiment improved following SpaceX’s earnings beat.
- Truist Securities analysts stated SpaceX’s results provide the first earnings-season evidence supporting the bull case for AI cloud providers, countering prior week fears over AI financing.
- South Korea’s KOSPI Composite Index closed 3.29% higher at 5,735 points, reflecting broader regional tech recovery after earlier sell-offs linked to AI spending concerns.
- Crypto short positions faced $110 million in liquidations over four hours as Bitcoin price action challenged resistance at $84,000, a level marked by prior equal highs.
Why it matters: SpaceX’s outsized earnings shift the narrative from AI financing fears to operating leverage in tech infrastructure, benefiting high-beta assets like Bitcoin and tech stocks that had been under pressure. The $110 million in short liquidations shows traders are being forced to reassess near-term upside risk.
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