Bitcoin traded just below $82,800 during Thursday Asian morning hours, giving back an earlier surge that briefly pushed the cryptocurrency to nearly $85,000 late Wednesday. The asset broke through a $84,000 ceiling that had previously turned it back on October 13 and 14, but dropped more than $2,000 within roughly six hours to hover near a key $82,500 support level. Market watchers note that a decisive break below this support could potentially precede a slide toward $70,000.
The reversal in cryptocurrency markets coincided with broader declines across global equities driven by disappointing corporate outlooks and renewed doubts regarding artificial intelligence spending. Nasdaq 100 futures fell 1.1% and S&P 500 futures lost 0.5% following mixed results from major technology firms. Tesla dropped 3% after-hours after cutting its capital-spending forecast, and Lam Research declined 7% on a weak outlook. Conversely, Meta rose 2% after increasing its artificial intelligence spending plans, though the gain failed to improve broader market sentiment.
Asian markets reacted sharply to the downturn. South Korea's Kospi dropped 2.2% as Samsung Electronics and SK Hynix retreated, while China's CSI 300 fell 1.7% amid downward pressure on e-commerce stocks following government calls for tighter quality control. Meanwhile, crude oil prices climbed due to renewed tensions in the Middle East.
Across the wider digital asset market, performance was mixed. Zcash stood out as a gainer among major tokens, rising nearly 3% to about $1,290, and XRP added less than 1%. Other major assets lagged, with HYPE falling 3% to approximately $79, Dogecoin dropping 2%, Solana losing about 1%, and ether, BNB, and TRX slipping less than 1%.
