Bitcoin climbed toward $85,000 on Wednesday after SpaceX reported third-quarter revenue above expectations and US stocks rose. Analyst Rekt Capital said BTC still needs a daily close above $83,400 to shift focus higher in its range.
Bitcoin climbed nearly 2% on Wednesday to return to $84,600 for the first time since Oct. 7. The move followed a Q3 earnings beat from SpaceX that lifted US stocks.
SpaceX results lift stocks and BTC
After the market close on Tuesday, SpaceX reported Q3 revenue of $14.6 billion, up 161% year-on-year and beating expectations by nearly 15%. The company's net income was $4.4 billion for the quarter.
The Nasdaq Composite Index traded 0.7% higher at 26,601 points at the start of the US session before retracing some of its gains. Truist Securities analysts suggested that SpaceX's results helped calm market fears over corporate spending on AI buildouts.
Bitcoin was priced at $84,461 after rising nearly as high as $84,588 earlier in the morning in New York, according to Bitcoin Magazine. In the same report, spot Bitcoin ETFs from BlackRock, Fidelity, Grayscale and others received over $549 million in new investment on Monday and Tuesday, per Coinglass data.
Bitcoin Magazine also noted that the price remains over 30% below its all-time high of $126,080, reached in October 2025.
Key levels for BTC
BTC price action began to clear ask liquidity around $84,000, and total crypto short liquidations neared $110 million over the past four hours, per CoinGlass data.
On four-hour time frames, BTC/USD broke above $83,878, its 200-period simple moving average, for the first time since Oct. 14.
Rekt Capital said Bitcoin needs a daily close above $83,400 to revisit the top of its local range. A rejection from that level would once again send price below $82,500, he said.
Sources: Cointelegraph, Bitcoin Magazine
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