Bitcoin falls below $82,000 after Tesla capex miss

Rejection near $85,000 sends Bitcoin lower

Bitcoin (BTC) fell nearly 3% on Thursday after an attempt to break higher was rejected near $85,000. The price gave back all of its gains from the previous day and returned below $82,000, falling to around $81,500.

Key moves from the day

• Bitcoin: Peaked near $84,840 before reversing and moving back below $82,000.
• Tesla: Reported Q3 capital expenditure of $4.73 billion, well below the projected $7.96 billion.
• South Korea markets: The KOSPI Composite Index closed down 3.52% on Thursday.

Tesla's spending falls short of expectations

Tesla reported Q3 revenue of $28.05 billion, just below the $28.13 billion estimate from Bloomberg. Its capital expenditure came in at $4.73 billion, well below the projected $7.96 billion. On the company's earnings call, CEO Elon Musk said spending would rise through 2028, noting it was lower than expected now but would become more meaningful next year and reach tens of billions in 2028.

Weakness spreads to South Korean tech

South Korea's tech-heavy KOSPI Composite Index finished Thursday down 3.52%. The index has been struggling to sustain a recovery after dropping to 5,460 points last week, its lowest level since late July.

Lower highs remain as trading activity rises

Bitcoin was rejected at a downward-sloping resistance trend line near $84,840, keeping a pattern of lower highs in place. Open interest (the total amount of active futures contracts) across crypto trading platforms rose to $55.95 billion late Tuesday, up 4.5% over 24 hours and at its highest level since Sept. 25. The source noted that this rise in open interest can make the market more sensitive to sharp moves. The area between $80,000 and $81,500 was reported as a support area because it hosts the cost basis for US spot Bitcoin exchange-traded funds (ETFs, funds traded on stock markets that track Bitcoin).

Sources

• Cointelegraph