BTC Surges to $84.6K Level While Equities Rally Following SpaceX's Strong Q3 Results
The leading cryptocurrency approaches the $85,000 threshold for the first time in 14 days as exceptional SpaceX third-quarter results ease equity market concerns surrounding artificial intelligence investments.
Following the opening bell on Wall Street Wednesday, Bitcoin (BTC) surpassed the $84,000 threshold as equities in the United States continued their upward trajectory, buoyed by additional robust corporate earnings announcements.
Key points:
- On Wednesday, Bitcoin experienced an increase of nearly 2%, reaching $84,600—a level not witnessed since October 7.
- The space exploration company SpaceX exceeded Q3 operating revenue projections by approximately 15%, reporting $14.6 billion in total revenue.
- According to crypto analyst Rekt Capital, BTC price movement requires a daily closing figure above $83,400 to redirect attention toward the upper portion of its current trading range.
Strong SpaceX Q3 Financial Performance Drives Bitcoin Rally to $84,600
Information retrieved from TradingView indicated that BTC/USD registered an increase of approximately 2% during the trading day as financial markets responded positively to SpaceX's substantial third-quarter earnings performance that exceeded analyst projections.
Following Tuesday's closing of market trading, the aerospace manufacturer SpaceX disclosed third-quarter revenue totaling $14.6 billion, representing a year-over-year increase of 161% and surpassing analyst expectations by approximately 15%. The company's net income reached $4.4 billion during the three-month period.
"The combination of our launch leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure continues to drive meaningful operating leverage,"
— Bret Johnsen, SpaceX Chief Financial Officer
At the commencement of the US trading session, equity markets displayed positive momentum, with the technology-focused Nasdaq Composite Index climbing 0.7% to reach 26,601 points before pulling back a portion of those advances. Following the conclusion of Wednesday's trading session, financial results from Tesla and Meta are scheduled for release.
Within a research note referenced by CNBC, financial analysts from Truist Securities indicated that SpaceX's quarterly results contributed to alleviating investor anxiety regarding corporate capital allocation toward artificial intelligence infrastructure development. During the previous week, these apprehensions reemerged through a renewed technology sector downturn that originated in South Korean markets and subsequently spread throughout Asian and American exchanges.
"Despite market concerns relating to financing for AI cloud providers this past week, we believe SpaceX's third-quarter 2026 represents the first data point during the earnings season to support the bull case for AI cloud providers,"
— Truist Securities
The KOSPI Composite Index in South Korea concluded Wednesday's trading activities with a gain of 3.29%, settling at the 5,735-point level.
Market Observer: Bitcoin Must Secure $83,400 Level at Daily Close
Bitcoin's price movement commenced clearing asking liquidity positioned near the $84,000 level, while aggregate cryptocurrency short position liquidations approached $110 million throughout the preceding four-hour period, according to information provided by CoinGlass.
When examining four-hour timeframe charts, the BTC/USD trading pair penetrated above its 200-period simple moving average (SMA) positioned at $83,878, marking the first occurrence of this technical event since October 14. The $84,000 price level contained numerous equal peak formations initially established during the period spanning October 11 through October 14, further solidifying its characterization as a resistance threshold.
During analytical commentary published on Wednesday, cryptocurrency market trader and technical analyst Rekt Capital articulated that Bitcoin continues to require a daily closing price exceeding $83,400 to potentially retest the upper boundary of its current localized trading range.
"Bitcoin needs to avoid rejecting from $83400 (red) because that would once again send price below $82500,"
— Rekt Capital
