After Bitcoin strengthened in the U.S. stock market due to SpaceX reporting better-than-expected results, it continued its upward trend, approaching $85,000.
After the opening of U.S. stocks on Wednesday, Bitcoin (BTC) once broke through $84,000, and as the U.S. stock market continued to rise driven by stronger corporate earnings reports, the price of (BTC) continued to climb higher.
Key points:
- Bitcoin rose nearly 2% on Wednesday, returning to $84,600 for the first time since October 7th.
- SpaceX Third-quarter operating revenue exceeded expectations by nearly 15%, reaching $14.6 billion.
- Cryptography analyst Rekt Capital writes that the price of BTC needs to close above $83,400 on a daily basis in order to push the focus of the trading range to a higher level.
SpaceX Third-quarter performance drives Bitcoin up to $84,600
TradingView data shows that as the market reacted to SpaceX's third-quarter performance, which significantly exceeded expectations, BTC / USD rose by nearly 2% on that day.
After the close on Tuesday, SpaceX announced third-quarter revenue of $14.6 billion, a year-on-year increase of 161%, and nearly 15% higher than expectations. The company's net profit for that quarter was $4.4 billion.
Chief Financial Officer Bret Johnsen stated in the performance announcement: "Our leading position in launches, continuous Starlink revenue, and the significant expansion of our SI infrastructure continue to drive substantial operational leverage."
At the start of the U.S. trading session, U.S. stocks performed relatively strongly. The Nasdaq Composite Index, which has a high weight in technology stocks, rose by 0.7% to 2,6601 points before giving back some of its gains. Tesla and Meta's financial reports will be released after the market closes on Wednesday.
According to a report cited by CNBC, analysts from Truist Securities believe that the performance of SpaceX helps to alleviate market concerns regarding capital expenditures for infrastructure construction in AI. Last week, such concerns resurfaced during a new round of selling in technology stocks, which began in South Korea and spread to Asian and American markets.
Truist writes: "Despite concerns in the market this week regarding the financing issues of AI cloud service providers, we believe that SpaceX's third quarter of 2026 is the first data point in this fiscal reporting season that supports a bullish outlook for AI cloud service providers."
South Korea's KOSPI composite index closed up 3.29% on Wednesday, at 5,735 points.
Analyst: BTC needs to regain above $83,400 at the end of the daily session.
CoinGlass data shows that the BTC price trend has begun to clear the selling liquidity around $84,000, with the total amount of cryptocurrency short positions liquidated in the past 4 hours approaching $110 million.
On the 4-hour chart, BTC / USD has for the first time since October 14 broken through the 200-day simple moving average ( SMA ), which is at $83,878. A range of similar highs were formed around $84,000 from October 11 to October 14, so this price level continues to be regarded as a resistance level.
In Wednesday's analysis, crypto trader and analyst Rekt Capital stated that Bitcoin still needs to close above $83,400 on a daily basis in order to retest the top of its local range.
He stated in a chart summary on X, "Bitcoin needs to avoid a decline around $83,400 (the red line), as that would cause the price to fall below $82,500 again."
Bitcoin Price
Bitcoin
