Bitcoin slips to $82,800 after brief run near $85,000 as Tesla, Meta weigh on Nasdaq
In brief
- Bitcoin traded flat just under $82,800 during Thursday Asian morning hours, per CoinDesk.
- BTC broke above its $84,000 ceiling late Wednesday, peaking near $84,800 before reversing.
- BTC fell more than $2,000 to around $82,600 within about six hours.
- ZEC rose nearly 3% while HYPE fell 3%, per CoinDesk data.
- Nasdaq 100 futures fell 1.1% after mixed results from Tesla and Meta.
A brief break above $84,000
Bitcoin cleared $84,000 late Wednesday, CoinDesk reported. That's the same ceiling that turned it back on Oct. 13 and 14, and this time the price topped out near $84,800.
The breakout didn't hold.
Within about six hours, bitcoin had dropped more than $2,000 to around $82,600. That leaves it sitting on the $82,500 level, which some market watchers cited by CoinDesk (the report doesn't name them) warned could open a slide toward $70,000 if it broke for good.
Majors mostly lower
It wasn't a great session for the rest of the market either. ZEC was the only standout gainer among major tokens, rising nearly 3% to about $1,290, while XRP added less than 1%, according to CoinDesk data as of Thursday Asian morning hours. HYPE was the laggard. It fell 3% to about $79, while DOGE dropped 2% and SOL lost about 1% (ether, BNB and TRX each slipped less than 1%).
The tech backdrop
Bitcoin's pullback played out alongside a rough after-hours session for tech stocks. Tesla fell 3% after hours after it cut its capital-spending forecast, and chip-equipment maker Lam Research dropped 7% on a weak outlook, per CoinDesk. Meta went the other way, rising 2% after raising its AI spending plans.
Futures didn't take much comfort from that split. Nasdaq 100 futures fell 1.1% and S&P 500 futures lost 0.5%, CoinDesk said.
Asia was weaker still. South Korea's Kospi dropped 2.2% as Samsung Electronics and SK Hynix retreated, and China's CSI 300 fell 1.7%, putting it on course for a bear market. Alibaba led Chinese e-commerce stocks lower after the government called for tighter quality control, while crude oil climbed after tensions flared again in the Middle East, according to the same CoinDesk report.
