Bitcoin touched about $84,840 and traded near $84,540 at 1:46 p.m. Eastern as the Nasdaq rose the day after SpaceX's results. About $188 million of the $243 million in 24-hour liquidations were short positions, according to CoinGlass data. Crypto-linked shares rose roughly two to five times as much as the coin.
Bitcoin climbed past $84,000 on Wednesday. The shares of companies built on it climbed further.
The coin traded at $84,542.69 at 1:46 p.m. Eastern, up 1.93% from midnight Greenwich time, after touching $84,835.48. Ether rose 2.75% to $2,513.90. The move began at the U.S. stock market open: the 10 a.m. hourly bar opened at $83,742 and reached $84,640 as equities began trading, and the high came in the noon hour near $84,840. The Nasdaq Composite was up 1.22% the day after SpaceX reported results, and the 10-year Treasury yield eased to 5.112%.
The equities outran the coin
The gains in shares were larger than the gain in bitcoin. At 1:46 p.m., Galaxy Digital was up 9.84%, Strive 12.14%, Strategy 8.11%, Bitmine Immersion 6.75%, Circle 6.64%, MARA Holdings 6.08%, IREN 5.24%, Coinbase 5.14% and Robinhood 4.30%. The iShares Bitcoin Trust rose 2.48%, close to the coin. All of these are intraday moves, not closes. The stocks are measured from Tuesday's 4 p.m. close; on that basis bitcoin was up about 2.5%.
Companies that hold crypto on their balance sheets, or whose revenue depends on its price, tend to move by more than the asset in both directions. That is useful to remember when bitcoin turns around.
Squeeze or breakout
About $243 million of crypto positions were liquidated in the past 24 hours, according to CoinGlass data, of which about $188 million were short positions betting on lower prices. Bitcoin-related liquidations were about $78 million. Shorts forced to buy back their positions add to a rally, and the rally began at the stock open and tracked the Nasdaq, which makes it look like a general risk-on move with a squeeze on top, not a crypto-specific event.
The level also matters less than it appears. Bitcoin is about 27% below its year high of $116,410 and below September's peak near $87,000. The blockchain analytics firm Glassnode estimates that the cost basis of buyers from late 2025 is near $87,700, a level where holders returning to breakeven may sell. Options-implied volatility is near its lowest of 2026 ahead of the Federal Reserve and the November midterm elections.
A level last seen on Oct. 7 is not a break above the October range, and the evidence does not show that fund inflows drove Wednesday's move: flows for the day are not yet published.
Three readings
One reading is a breakout setup: no trade below the Oct. 15 low near $79,680, shorts flushed and bitcoin above $84,000. Another is a squeeze, in which forced buying, not new spot demand, did the work and heavy supply waits between $85,000 and $87,700. A third is macro beta: crypto followed the Nasdaq higher, the day after SpaceX's results, and lower yields.
What to watch
Wednesday's fund flows, which are published after the close; Tesla's results after the close, given the company's bitcoin holdings; the Federal Reserve's Oct. 27 to 28 meeting; Strategy's special meeting on Oct. 28 and third-quarter report on Oct. 29; and bitcoin options expiry on Oct. 30. A failed test of $85,000 would fall hardest on the equities that rose the most.