Bitcoin price climbed to $84,600 after Wall Street opened on Wednesday, Oct. 21, reaching that level for the first time since Oct. 7. The nearly 2% daily gain came as US equities advanced following stronger corporate earnings, including SpaceX’s third-quarter results.
Key Takeaways
- Bitcoin reached $84,600 and moved above its four-hour 200-period simple moving average.
- SpaceX reported quarterly revenue of $14.6 billion, nearly 15% above expectations.
- Analyst Rekt Capital said a daily close above $83,400 remained necessary to target the upper part of Bitcoin’s local range.
Table of Contents
- Bitcoin price clears a recent resistance area
- Earnings support broader market gains
- Daily close remains the analyst’s test
- Conclusion
Bitcoin price clears a recent resistance area
The advance pushed Bitcoin through sell orders around $84,000, a level marked by several equal highs formed between Oct. 11 and Oct. 14. CoinGlass data showed total cryptocurrency short liquidations approaching $110 million over the preceding four hours.
On the four-hour chart, BTC/USD also crossed above its 200-period simple moving average at $83,878 for the first time since Oct. 14. Those moves brought Bitcoin beyond two nearby technical barriers, although the daily closing level remained unresolved.
Earnings support broader market gains
SpaceX released its results after Tuesday’s market close, reporting 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.
The Nasdaq Composite rose 0.7% to 26,601 early in Wednesday’s US session before giving back some gains. South Korea’s KOSPI had already closed 3.29% higher at 5,735.
Truist Securities analysts viewed SpaceX’s results as support for the bullish case for AI cloud providers following concerns about financing their infrastructure spending. Those concerns had accompanied a technology sell-off the previous week that began in South Korea and spread to Asia and the US.
Tesla and Meta were scheduled to report earnings after Wednesday’s market close.
Daily close remains the analyst’s test
Despite the intraday breakout, trader and analyst Rekt Capital said Bitcoin needed to close the day above $83,400 to shift attention toward the top of its local trading range.
In his Wednesday analysis on X, he warned that rejection at $83,400 could send the price back below $82,500. His assessment made the closing price, rather than the session’s high alone, the key condition for that outlook.
Conclusion
Bitcoin’s rally cleared nearby technical levels alongside gains in equities, but Rekt Capital’s condition for a move toward the range high still depended on the daily close.
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Disclaimer
This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.
