Bitcoin extended its advance on Wednesday and reached $84,600 as U.S. stocks opened higher, with markets reacting to stronger-than-expected third-quarter earnings from SpaceX.
Cointelegraph, citing TradingView data, reported that BTC/USD gained nearly 2% on the day. The move pushed Bitcoin back above $84,000 for the first time since Oct. 7, while Wall Street added to gains on another round of solid corporate earnings.
SpaceX was a key part of that backdrop. After Tuesday’s market close, the company reported third-quarter revenue of $14.6 billion, up 161% from a year earlier and nearly 15% above expectations. Quarterly net income was $4.4 billion.
SpaceX results coincide with gains in stocks and Bitcoin
Chief financial officer Bret Johnsen said in the earnings release: “The combination of our launch leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure continues to drive meaningful operating leverage.”
At the start of the U.S. trading session, major stock indexes were in positive territory. The tech-heavy Nasdaq Composite Index was up 0.7% at 26,601 before giving back part of the move. Tesla and Meta were due to report earnings after Wednesday’s close.
CNBC quoted a note from analysts at Truist Securities saying SpaceX’s performance helped calm fears about corporate spending on AI buildouts. Those concerns had resurfaced last week during a fresh tech sell-off that began in South Korea and spread to Asia and the United States.
Truist wrote: “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.”
South Korea’s KOSPI Composite Index finished Wednesday’s session up 3.29% at 5,735.
$83,400 daily close remains a key Bitcoin level
As Bitcoin moved through ask liquidity around $84,000, total crypto short liquidations approached $110 million over the previous four hours, according to CoinGlass.
On the four-hour chart, BTC/USD broke above its 200-period simple moving average at $83,878 for the first time since Oct. 14. The $84,000 area also contained several equal highs formed between Oct. 11 and Oct. 14, reinforcing it as a resistance zone.
Crypto trader and analyst Rekt Capital said on Wednesday that Bitcoin still needs a daily close above $83,400 to revisit the top of its local range.
He wrote on X alongside a chart: “Bitcoin needs to avoid rejecting from $83400 (red) because that would once again send price below $82500.”