As SpaceX's third-quarter results exceeded market expectations, Bitcoin recovered to around $84,600 as US stocks rose. The sharp increases in SpaceX's revenue and net profit supported a risk-on stance in the market.
The US equity market remained generally firm following SpaceX's earnings outperformance, with buying particularly strong in the NASDAQ. SpaceX announced third-quarter revenue of $14.6 billion, up 161% year on year, and also reported net profit of $4.4 billion. This prompted a growing view that spending prospects in related sectors, including technology stocks, had improved.
Bitcoin recovered amid the rebound in the US market and SpaceX's earnings announcement, rising temporarily to $84,600 ahead of resistance around $84,000. Attention focused on whether the daily close could remain above $83,400 while short-term liquidations and volatility trends were monitored.
Market participants are focusing on movements within the current range, and some observers said that the direction over the short term would be influenced by MACD and SMA trends on the four-hour chart. Rekt Capital took a cautious view of a continued rise unless a close above $83,400 is confirmed.
Risk-on sentiment also spread across international markets, with South Korea's KOSPI rising and part of the global inflow of funds reaching crypto assets. Bitcoin's movement, against the backdrop of equity-market trends and earnings from major technology companies, suggests that range-bound trading may continue.