Bitcoin (BTC) Hits $84,600 for First Time Since Oct. 7 on SpaceX Earnings Beat

Update 21:21 UTC: 19, with BlackRock's IBIT alone taking in about $665.20 million, before the pace slowed sharply on Tuesday, Oct. The macro backdrop also shifted in the coin's favor.

SpaceX's $14.6 Billion Quarter Moves Bitcoin

$84,600 is back on the board. The Bitcoin price climbed about 2% on Wednesday to touch $84,600 for the first time since Oct. 7, and the coin held near that mark into the New York afternoon, up roughly 2.4% over 24 hours. The catalyst came from the stock market: SpaceX reported third-quarter revenue of $14.6 billion after Tuesday's close, up 161% year-on-year and nearly 15% above expectations, with net income of $4.4 billion for the quarter. Chief financial officer Bret Johnsen credited launch leadership, recurring Starlink revenue and the expansion of the company's space infrastructure for the operating leverage, according to the earnings release. SpaceX, which listed on the Nasdaq in June in the largest initial public offering on record, also saw owner Elon Musk raise the idea of a merger with Tesla; Musk's remarks on money have moved the coin before, most recently when Bitcoin traded 36% below energy value. The Nasdaq Composite opened 0.7% higher at 26,601 points before paring part of the gain, and South Korea's KOSPI finished its session up 3.29% at 5,735. Analysts at Truist Securities called the quarter the first data point of the earnings season to support the bull case for AI cloud providers, easing the fears over corporate AI spending that set off last week's tech sell-off.

The push higher has carried Bitcoin (BTC) into a heavier part of the chart. Follow-up analysis by 15:50 UTC later on Thursday places the coin near $85,000, up from the $84,600 reading earlier in the session, pressing the $84,000–$84,300 supply zone created by the Oct. 12 lower high, with a clean break there opening the $85,600–$86,600 area where the Oct. 6 sell-off began. On the daily chart, price still trades inside the ascending channel that has framed the recovery from the late-June lows near $58,000, and a decisive daily close above $86,000 would be required to enter the $86,000–$90,000 supply zone on the way toward $90,000. Losing the channel's midpoint near $80,000, which buyers have defended alongside the lower trendline, would shift attention to the $75,000–$78,000 weekly order block. Macro adds a wrinkle: markets now price roughly a 25% chance of another Fed rate hike at the late October meeting, and the NVM Ratio has rebounded to about 4.1, its highest since early 2026.

Updated figures later on Thursday showed the squeeze behind the move was larger than the article's earlier tally: per Coinglass, roughly $243.04 million in crypto derivatives positions were liquidated over the past 24 hours, with shorts accounting for $188.14 million, about 77.4% of the total, and 71,223 traders wiped out. Bitcoin's own liquidations ran to $78.42 million, about 94% of them shorts, while derivatives open interest rose 6.1% to $411.67 billion. Coinbase data cited in market commentary later on Thursday put the coin back at $84,327.13, up 1.93%, after an intraday push to $84,739 toward the $85,000 mark. Analyst Ted Pillows noted sell orders stacked between $83,500 and $85,000, and said clearing that band could carry the coin quickly toward $90,000; a failed break leaves $82,000 and $80,000 as support, with a steady move through $85,000 setting up the $86,500–$86,700 zone next.

19, with BlackRock's IBIT alone taking in about $665.20 million, before the pace slowed sharply on Tuesday, Oct. The macro backdrop also shifted in the coin's favor. Yields on U.S. Treasuries declined as expectations firmed that the Federal Reserve will hold policy steady at its Oct. 27–28 meeting, pushing back on the rate-hike odds that had weighed on risk assets, and all three major U.S. equity indexes closed higher on Wednesday, with the Nasdaq Composite up 1.05%, the Dow 0.68% and the S&P 500 0.58%.

ETF Inflows Top $549 Million in Two Days

Flows backed the move. Spot Bitcoin (BTC) exchange-traded funds managed by BlackRock, Fidelity, Grayscale and their peers took in more than $549 million of new money across Monday and Tuesday, flow data shows, keeping the recent two-day ETF inflows streak alive after U.S. investors piled back into the products this week. Part of the bid traces to the so-called debasement trade, in which investors buy scarce assets to hedge against a weakening currency, a trade that has run hot again this year. The dollar slid in August after the Treasury Department said it would more than double its debt repurchases, and Bitcoin responded with its best quarterly run in three years and its third-best August on record. Analysts now read the asset as back in a bull market after most of the year spent in a bear market, even with price still more than 30% below the all-time high of $126,080 reached in October 2025. The wider Bitcoin market has picked up the same appetite, with the coin up about 3% over seven days.

The $83,400 Close That Matters

Traders are watching a narrow band. Rekt Capital wrote on Wednesday that Bitcoin (BTC) still needs a daily close above $83,400 to revisit the top of its local trading range, warning that a rejection there would send price back below $82,500. The intraday structure has favored the bulls so far. On four-hour time frames the market broke above its 200-period simple moving average at $83,878 for the first time since Oct. 14, and derivatives liquidation data showed crypto shorts losing roughly $110 million in four hours as buy orders cleared the asks stacked around $84,000. That zone had capped the market for days: multiple equal highs formed there between Oct. 11 and Oct. 14, which is why the break matters more than a routine tick higher. Two sessions of gains have now put the condition Rekt Capital set within reach, and a confirmed close above $83,400 would put the top of the local range back in play for the first time this month. The Bitcoin technical analysis page tracks these levels as they update through the session.

Between $82,420 Support and $87,217 Resistance

Our read of the live tape puts Bitcoin at $84,325.98, up 1.68% over the past 24 hours, with the reclaim intact. Derivatives positioning leans supportive rather than stretched: perp funding sits at 0.0022% and open interest near $17.08 billion, with the long/short account ratio at 1.10, while the Fear and Greed Index reads 63, in greed territory. Our composite scoring places the nearest resistance at $84,563, scored 92 out of 100, with the strongest support underneath at $80,903, scored 94 out of 100. What has to hold is the daily close above the $82,420 shelf, scored 90 out of 100 from the EMA 20, pivot point and Ichimoku Tenkan: keep it and price keeps working the band up toward $87,242, lose it and the market likely slides back toward the $80,903 floor, where the Bollinger lower band and EMA 50 converge (as of 23:34 UTC).