Bitcoin fell more than $2,000 in about six hours after approaching $84,800, bringing the critical support level at $82,500 back into focus.
According to CoinDesk data, Bitcoin broke above resistance at $84,000 on Wednesday and climbed to around $84,800. But the rally did not last: the price fell to $82,600 in about six hours and traded sideways just below $82,800 on Thursday morning in Asia.
Why is $82,500 being watched?
The $84,000 level had also halted Bitcoin’s advance on October 13 and 14. After the price broke above this threshold and then fell back below it, attention shifted to the support level below.
Some market watchers quoted in the report warn that a sustained break below $82,500 could open the way for a decline toward $70,000. This is viewed as a risk scenario contingent on the support level breaking.
Technology stocks failed to support the market
Technology stocks also came under pressure as Bitcoin pulled back. Tesla fell 3 percent in after-hours trading after lowering its capital expenditure forecast, while chip equipment maker Lam Research dropped 7 percent on weak guidance.
Meta rose 2 percent after increasing its AI spending plans, but the move was not enough to improve the overall picture. Nasdaq 100 futures lost 1.1 percent, while S&P 500 futures fell 0.5 percent.
Which altcoin moves stood out?
In the same data snapshot on Thursday morning in Asia, Zcash (ZEC) rose about 3 percent to approach $1,290, outperforming major cryptocurrencies. XRP gained less than 1 percent.
HYPE fell 3 percent to around $79, while DOGE lost 2 percent and SOL about 1 percent. Ethereum, BNB, and TRX each fell by less than 1 percent.
Not investment advice.