Bitcoin broke through the $84,000 mark on Wednesday evening, but then fell back to the $82,500 support level that analysts were closely watching as tech stock futures declined.
As of the early trading session on Thursday in Asia, Bitcoin remained relatively stable, trading at a level slightly below $82,800. Previously, on Wednesday evening, Bitcoin soared close to $85,000, but then lost some of its gains. The mixed performance of Tesla and Meta dragged down NASDAQ index futures, reigniting doubts about the market's enthusiasm for investments in artificial intelligence ( AI ).
According to the data, among the major cryptocurrencies, ZEC is the only one that has performed exceptionally well, with a gain of nearly 3%, reaching around $1290; XRP has seen an increase of less than 1%.
HYPE performed the worst, falling by 3% to around $79. Dogecoin (DOGE) fell by 2%, while SOL fell by about 1%. The declines for Ethereum, BNB, and TRX were all less than 1%.
The breakout trend of Bitcoin did not last for too long.
On Wednesday evening, Bitcoin broke through the $84,000 mark. Previously, this price level had prevented Bitcoin from rising further on October 13th and 14th. Bitcoin subsequently reached a high of around $84,800.
But within about six hours, the price of Bitcoin fell by more than $2,000, dropping back to around $82,600. For those investors who entered the market at that high price, it was undoubtedly a difficult night.
This has caused Bitcoin to hover around $82,500 at present. Some market observers warn that if this support level is completely broken through, Bitcoin could fall further to around $70,000.
The performance of large technology stocks also failed to provide support.
After Tesla lowered its capital expenditure expectations, its stock price fell by 3% in after-hours trading; chip equipment manufacturer Fanlin Group (Lam Research) saw a 7% decline due to weak performance forecasts.
After raising the AI expenditure plan by Meta, the stock price increased by 2%, but this was still not enough to boost market sentiment. Nasdaq 100 index futures fell by 1.1%, and S&P 500 index futures fell by 0.5%.
The Asian market has been significantly impacted.
As the stock prices of Samsung Electronics and SK Hynix fell, the Korean Composite Stock Price Index (Kospi) declined by 2.2%.
At the same time, tensions in the Middle East have escalated once again, driving up crude oil prices.
