Bitcoin gives back its run at $85,000 as Tesla and Meta fail to calm AI nerves
- Bitcoin traded just below $82,800 after a brief surge to nearly $85,000 reversed, leaving the cryptocurrency near a key $82,500 support level that some analysts say could precede a slide toward $70,000.
- Most major cryptocurrencies declined, with HYPE, Dogecoin and Solana among the laggards, while Zcash gained nearly 3% and XRP edged higher.
- Disappointing corporate outlooks and renewed doubts about artificial intelligence spending weighed on U.S. stock futures and Asian markets, while oil rose amid renewed Middle East tensions.
Bitcoin was flat at just under $82,800 as of Thursday Asian morning hours after giving back a late-Wednesday surge to nearly $85,000. Mixed results from Tesla and Meta knocked Nasdaq futures lower and revived doubts about the AI trade.
ZEC was the only standout gainer among the majors, up nearly 3% to about $1,290, and XRP added less than 1%. HYPE was the laggard, down 3% to about $79. DOGE fell 2% and SOL lost about 1%, while ether, BNB and TRX slipped less than 1%, according to CoinDesk data.
The breakout didn’t last long. Bitcoin cleared $84,000, the ceiling that turned it back on Oct. 13 and 14, and topped out near $84,800 late Wednesday. Within about six hours it had dropped more than $2,000 to around $82,600, a rough night for anyone who chased the move.
That leaves bitcoin sitting on $82,500, a level that some market watchers warn could open a slide toward $70,000 if it breaks for good.
Big Tech didn’t help. Tesla fell 3% after hours after it cut its capital-spending forecast, and chip-equipment maker Lam Research dropped 7% on a weak outlook.