Bitcoin price tags $84.6K as US stocks head higher on SpaceX Q3 earnings beat — SkimNews
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- Bitcoin passed $84,000 after Wednesday's Wall Street open, gaining nearly 2% on the day per TradingView, with crypto short liquidations nearing $110 million over four hours per CoinGlass
- SpaceX reported Q3 revenue of $14.6 billion, up 161% year-on-year and beating expectations by nearly 15%, with net income of $4.4 billion; CFO Bret Johnsen credited "launch leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure"
- Truist Securities analysts called the SpaceX result "the first data point during the earnings season to support the bull case for AI cloud providers," cooling fears that triggered a tech sell-off starting in South Korea and spilling into the US last week
- BTC/USD broke above its 200-period SMA at $83,878 on four-hour charts for the first time since Oct. 14, with $84,000 acting as a resistance level formed by equal highs between Oct. 11 and Oct. 14
- Nasdaq Composite rose 0.7% to 26,601 before retracing some gains, while South Korea's KOSPI Composite closed 3.29% higher at 5,735; Tesla and Meta earnings are due after Wednesday's close
- Analyst Rekt Capital warned Bitcoin still needs a daily close above $83,400 to revisit the top of its local range, adding that rejection at that level "would once again send price below $82,500"
Why it matters: SpaceX delivered the first concrete Q3 data point supporting AI capex spending after last week's tech sell-off, and Bitcoin's break of the four-hour 200-period SMA at $83,878—amplified by $110M in short liquidations—signals short-term technical momentum, though Rekt Capital's $83,400 close requirement means confirmation still hinges on Wednesday's daily candle.
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