Bitcoin recovered from a key support level on Wednesday as strong results from SpaceX lifted technology shares and helped improve sentiment across risk assets. SpaceX shares climbed roughly 9% before the opening bell after the company reported stronger-than-expected results from its artificial-intelligence and satellite-internet businesses.
Artificial intelligence became the company’s largest revenue source during the quarter, while Starlink remained its biggest profit generator. Elon Musk also said SpaceX and Tesla had formed independent committees to consider a possible combination, but cautioned that a merger was not certain or imminent.
Tesla’s own third-quarter results were mixed. The company continued to hold 11,509 bitcoin, and its shares initially rose during regular trading before falling 3. 2% after hours.
Meta added another test of investor appetite for the technology spending boom. It also established a non-voting share class intended to help raise capital for artificial-intelligence investment without weakening Mark Zuckerberg’s voting control.
Market commentary remained focused on whether bitcoin can hold its connection with technology stocks. A sustained break below $82,500 was identified as a possible path toward $70,000, while a move above $84,000 was viewed as removing that downside scenario. Another market view placed bitcoin’s next test near $87,000, but described the move above $84,000 as a recovery dependent on equities rather than a new cryptocurrency-specific catalyst. The immediate backdrop also included Brent crude above $110 a barrel and higher Treasury yields, leaving bitcoin exposed to both renewed technology optimism and broader macroeconomic pressure.