Bitcoin corrects below $82K after Tesla Q3 results, KOSPI falls

Bitcoin (BTC) fell nearly 3% on Thursday after an attempt to break higher was rejected near $85,000.

Key points:

• Bitcoin returned to near $81,500 after Tesla reported a lower-than-expected Q3 capital expenditure (capex) of $4.73 billion.
• South Korea’s KOSPI Composite Index saw fresh weakness, closing down 3.5% on Thursday.
• BTC price action rejected from a resistance trend line at $84,840, preserving a pattern of lower highs.

Tesla capex underspend raises questions

Data from TradingView showed BTC/USD retracing around Wednesday’s daily close, subsequently returning below $82,000. The pair gave back the entirety of the gains made on that day, when price peaked at around $84,840 on Bitstamp.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Higher-than-expected US corporate earnings had helped spark a rally in both crypto and stock markets. However, results from Tesla after the Wall Street closing bell did not provide the same promising signals as seen from SpaceX and General Motors earlier in the week.

The company reported Q3 revenue of $28.05 billion, just short of Bloomberg’s $28.13 billion estimate. However, capital expenditure came in at $4.73 billion, well below the projected $7.96 billion. The capex numbers appeared to fuel concerns over the AI sector as markets recovered from last week’s Asia tech-stock sell-off.