Bitcoin price tags $84.6K as SpaceX Q3 earnings beat lifts markets

Bitcoin price tags — Bitcoin extended gains to approach $85,000 on Wednesday as US stock markets reacted positively to higher-than-expected third-quarter earnings from SpaceX.

Data from TradingView showed BTC/USD gaining nearly 2% on the day, reaching $84,600 for the first time since October 7. The move coincided with a green open for US equities, with the tech-heavy Nasdaq Composite Index up 0.7%.

The market sentiment was buoyed by SpaceX’s earnings report, which showed Q3 operating revenue of $14.6 billion, beating expectations by nearly 15% and marking a 161% year-on-year increase. Analysts at Truist Securities suggested the strong results helped calm recent market fears over corporate spending on artificial intelligence infrastructure.

On-chain, total crypto short liquidations neared $110 million over a four-hour period as Bitcoin’s price action cleared ask liquidity around the $84,000 level. Analyst Rekt Capital noted that Bitcoin still needs a daily close above $83,400 to solidify a shift in focus toward the top of its current trading range.