Bitcoin lost momentum after briefly climbing above $84,000 late Wednesday, retreating toward the $82,500 support level as weakening technology futures pressured risk assets.
BTC was trading almost flat below $82,800 during Thursday’s Asian session after reversing a rally that had pushed it close to $85,000. Disappointing signals from Tesla and Meta reignited concerns about AI-related investments, sending Nasdaq futures lower.
ZEC led gains among major cryptocurrencies, rising nearly 3% to approximately $1,290, while XRP edged up less than 1%. HYPE fell 3% to around $79, making it the weakest performer. DOGE declined 2%, SOL dropped about 1%, and ETH, BNB, and TRX each slipped by less than 1%, according to CoinDesk data.
Bitcoin’s Breakout Quickly Reverses
Bitcoin moved above $84,000 on Wednesday, breaking through a resistance level that had capped its advances on Oct. 13 and 14. The rally reached approximately $84,800 before losing steam.
Within roughly six hours, BTC had shed more than $2,000, falling to around $82,600. The sharp reversal undermined the breakout and left traders who bought into the rally facing immediate losses.
The price is now testing the $82,500 area, which market analysts view as an important support zone. A sustained break below this level could expose Bitcoin to a further decline toward $70,000.
Tesla and Meta Fail to Reassure Investors
Technology stocks added to the pressure after mixed corporate updates. Tesla shares dropped 3% in after-hours trading after the electric vehicle maker reduced its capital expenditure outlook. Semiconductor equipment manufacturer Lam Research plunged 7% after issuing a weaker outlook.
Meta gained 2% after announcing higher planned spending on artificial intelligence. However, the increase did little to restore confidence across the broader technology sector.
Nasdaq 100 futures fell 1.1%, while S&P 500 futures declined 0.5%, reflecting continued investor caution over AI-related valuations and spending.
Asian Equities and Oil Add to Market Concerns
Selling spread across Asian markets, with South Korea’s Kospi falling 2.2% as Samsung Electronics and SK Hynix shares declined. China’s CSI 300 lost 1.7%, putting the index on track toward bear-market territory.
Alibaba led losses among Chinese e-commerce companies after the government called for tighter product-quality controls.
Oil prices moved higher as tensions in the Middle East intensified again, adding to the uncertainty confronting global financial markets.
