Bitcoin was trading higher on Wednesday (21), tracking a recovery in international stock markets after strong results from companies linked to artificial intelligence. The cryptocurrency moved back toward $83,000 after suffering alongside a drop in tech shares in recent days, though analysts warn the market still faces the risk of further losses.
This morning, Bitcoin was up 2.3%, trading at $83,207 over 24 hours. In euros, the world's largest cryptocurrency was priced at around €69,908, according to data from Portal do Bitcoin. Ethereum, meanwhile, gained 3%, to $2,446. XRP rose 4.8%, while Solana advanced 2.5% and BNB was up 2.7%.
Among the biggest gainers was Zcash, up roughly 12%, trading near $1,260. The rally was driven by the announcement of a new network upgrade, called NU7, which promises to cut block production time from 75 to 25 seconds, speeding up transaction confirmation.
Dogecoin and Hyperliquid also stood out, with gains of more than 3%.
The improvement in crypto markets tracked a recovery in tech stocks, particularly companies tied to artificial intelligence, following a string of declines driven by concerns over heavy spending in the sector.
Tech earnings lift Bitcoin…
The main driver for markets on Wednesday came from quarterly results at SpaceX and Super Micro Computer, which beat investor expectations and helped revive enthusiasm for the artificial intelligence sector.
SpaceX shares rose about 9% in pre-market trading in the United States, while Super Micro Computer stock jumped as much as 16%.
The positive results eased some of the concerns about whether companies can turn billions in artificial intelligence infrastructure spending into revenue and profit growth.
Also read: Bitcoin will outperform gold, stocks and bonds over the next 10 years, JPMorgan predicts
In Asia, the reaction was immediate. South Korea's Kospi index rose about 3.7%, recovering the previous day's losses. In Taiwan, the Taiex gained 1.4%, driven by semiconductor stocks.
In the United States, Nasdaq 100 futures, which track major technology companies, also traded higher, pointing to a positive open on Wall Street.
Despite the improvement, not every company in the sector posted favourable results. In Australia, data-centre operator Nextdc saw its shares plunge around 40% after cutting its financial guidance.
…but risks remain
The picture shows investors remain focused on the sustainability of artificial intelligence spending, one of the main sources of stock market volatility in recent weeks.
Another concern is rising oil prices. Brent crude moved back above $110 amid attacks on vessels in the Strait of Hormuz, one of the world's main oil shipping routes.
Higher oil prices could add to inflation and complicate potential interest-rate cuts by the Federal Reserve, reducing appetite for riskier assets such as Bitcoin and tech stocks.
Against this backdrop, analysts are watching Bitcoin's next price levels to gauge whether the recovery will continue.
Simon-Peter Massabni, head of business development at XS.com, told CoinDesk that the $82,500 region represents an important support level for the cryptocurrency.
According to him, a sustained loss of that level could open the way for a drop to $70,000, a scenario also flagged by market maker Wintermute.
On the other hand, a recovery above $84,000 would weaken that bearish case and could signal a more consistent improvement in the market.
Asset manager Hashdex also believes Bitcoin's downturn may be nearing its end. In an analysis, the firm noted that, as of 30 September, the current bearish cycle for the cryptocurrency had lasted 359 days. In the three previous cycles, equivalent periods lasted 361, 377 and 411 days.
Another indicator cited by the firm is the share of Bitcoin's supply held by short-term investors. That group currently holds just 16% of existing coins, the lowest share since January 2023.
Since these investors tend to sell more quickly during downturns, their reduced share could point to easing selling pressure in the market.
Even so, Hashdex considers it important for Bitcoin to reclaim $84,000 before the Federal Reserve's next meeting, scheduled for 27–28 October.
Until then, investors will also be watching earnings from major US companies, including Meta and Tesla, for signs about the health of the tech sector and the next moves in stock markets.
The combination of these factors is expected to keep shaping Bitcoin's path as it tries to consolidate its recovery after a period of heavy volatility.
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