Bitcoin Nears $85,000 as ETF Inflows and Risk Appetite Rise

| bitcoinmagazine.com
Bitcoin rose nearly 2% on Wednesday to an intraday high of about $84,588, its highest level since 7 October, as technology shares advanced and investors returned to riskier assets. SpaceX reported third-quarter revenue of $14.6 billion, up 161% year on year and above estimates; Elon Musk also discussed a possible SpaceX-Tesla merger. Bitcoin gained about 3% over the week, while US spot Bitcoin ETFs recorded more than $549 million in combined inflows on Monday and Tuesday, according to CoinGlass. The rally triggered nearly $110 million in crypto short liquidations over four hours, and BTC moved above its four-hour 200-period simple moving average near $83,878. Analysts are watching whether Bitcoin can close a day above $83,400 to support a move towards the top of its local range. The $84,000 area remains a resistance zone, while a rejection could put $82,500 at risk. Upcoming Tesla and Meta earnings may influence broader market sentiment. Despite the rebound, Bitcoin remains more than 30% below its October 2025 record of $126,080. Some analysts say the market has returned to a bull phase, though Bitcoin’s shifting correlation with technology stocks and gold reflects mixed investor drivers.
Bullish
The combined signals are bullish for Bitcoin in the short term: the price rose alongside technology stocks, spot Bitcoin ETFs saw more than $549 million in inflows over two sessions, short liquidations added buying pressure, and BTC moved above its four-hour 200-period moving average. A sustained daily close above $83,400 could strengthen the case for further gains, although resistance near $84,000 and the risk of a pullback towards $82,500 remain relevant. These factors can support momentum and trader confidence, but liquidations and sentiment-led rallies can also reverse quickly. For the longer term, the ETF inflows and analysts’ view that the market may have returned to a bull phase are supportive, but Bitcoin remains more than 30% below its record high. Its changing relationship with risk assets and gold, alongside broader market and earnings developments, means the rebound alone does not confirm a durable trend or guarantee market stability.