During the early hours of Thursday in Asia, Bitcoin remained stable just below $82,800, having retraced a late surge on Wednesday that nudged it close to $85,000. Uncertain performances from Tesla and Meta contributed to a decline in Nasdaq futures and sparked renewed skepticism regarding the AI market.
ZEC was the sole notable gainer among major cryptocurrencies, rising nearly 3% to approximately $1,290, while XRP saw a slight increase of less than 1%. In contrast, HYPE struggled, dropping around 3% to about $79. DOGE decreased by 2%, and SOL faced a decline of about 1%. Ether, BNB, and TRX all fell by less than 1%, according to data from CoinDesk.
The bullish momentum was short-lived. Bitcoin had breached the $84,000 mark, which had previously acted as resistance on October 13 and 14, reaching a peak of about $84,800 late Wednesday. However, within roughly six hours, it retraced more than $2,000, settling around $82,600—a challenging night for those who had entered during the spike.
This positions Bitcoin at $82,500, a crucial threshold that some analysts warn may trigger a decline towards $70,000 if breached decisively.
The tech giants weren’t in favor either. Tesla’s stock dropped 3% in after-hours trading following a revision of its capital expenditure forecast, while chip equipment manufacturer Lam Research saw a 7% decline due to a cautious outlook.