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Bitcoin gives back its run at $85,000 as Tesla and Meta fail to calm AI nerves
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- DeepHorus
Bitcoin traded just below $82,800 on Thursday morning in Asia after a late-Wednesday surge to nearly $85,000 reversed. The pullback left the cryptocurrency near $82,500, a support level analysts are watching. Some warn a decisive break could open a slide toward $70,000.
BTC had cleared its $84,000 ceiling late Wednesday, a level that turned it back on Oct. 13 and 14, and topped out near $84,800. Within about six hours it dropped more than $2,000 to around $82,600. The reversal hurt traders who chased the move.
Most major cryptocurrencies declined. HYPE was the laggard, down 3% to about $79; Dogecoin fell 2% and Solana lost about 1%. Ether, BNB and TRX slipped less than 1%. Zcash gained nearly 3% to about $1,290, while XRP edged higher.
Big Tech did not calm AI nerves. Tesla fell 3% after hours after cutting its capital-spending forecast, and Lam Research dropped 7% on a weak outlook. Meta rose 2% after raising AI spending plans, but Nasdaq 100 futures fell 1.1% and S&P 500 futures lost 0.5%.
Asia took the hit. South Korea’s Kospi dropped 2.2% as Samsung Electronics and SK Hynix retreated. China’s CSI 300 fell 1.7%, on course for a bear market, with Alibaba leading e-commerce stocks lower after the government called for tighter quality control. Crude oil climbed as Middle East tensions flared.
The crypto move matters because it coincided with renewed doubts about artificial intelligence spending, pressuring tech stocks and broader risk appetite. Bitcoin’s failure near $84,000-$85,000 reinforced technical caution. If the $82,500 support breaks for good, market watchers point to $70,000 as the next level.
Traders now focus on whether $82,500 holds. Mixed corporate outlooks and steep Asian equity losses keep sentiment fragile. The near-term outlook depends on support holding and AI spending confidence stabilizing.
