Bitcoin saw a brief surge to nearly $85,000 late Wednesday but quickly gave back those gains, settling just under $82,800 by Thursday morning in Asia. The pullback came as mixed results from Tesla and Meta renewed doubts about the AI-driven rally, knocking Nasdaq futures lower.
Among the major cryptocurrencies, ZEC stood out as the only gainer, rising nearly 3% to about $1,290, while XRP added less than 1%. The laggards included HYPE, which dropped 3% to around $79, DOGE fell 2%, and SOL lost about 1%. Ether, BNB, and TRX each slipped less than 1%, according to CoinDesk data.
The breakout above $84,000, a key resistance level, was short-lived. Bitcoin peaked near $84,800 before dropping more than $2,000 within six hours, leaving traders who chased the move with steep losses. Some market watchers warn that a break below $82,500 could trigger a slide toward $70,000.
Big Tech's performance did little to ease concerns. Tesla fell 3% after hours after cutting its capital-spending forecast, while Lam Research dropped 7% on a weak outlook. Meta rose 2% after boosting its AI spending plans, but the broader market remained under pressure, with Nasdaq 100 futures down 1.1% and S&P 500 futures losing 0.5%.
Asian markets took a hit, with South Korea’s Kospi dropping 2.2% and China’s CSI 300 falling 1.7%, nearing bear market territory. Alibaba led Chinese e-commerce stocks lower after the government called for stricter quality control. Crude oil prices climbed amid renewed tensions in the Middle East.