Bitcoin Heads Toward $85,000 as SpaceX Results Lift Sentiment

Bitcoin changed hands above $84,500 on Wednesday as investors swung back toward risk-on holdings, with tech names seeing the heaviest demand.

The leading cryptocurrency was last quoted at $84,461 after touching nearly $84,588 in the early New York session.

The token has advanced 2% over the past 24 hours and 3% over the previous seven days.

JUST IN: $84,003 Bitcoin

— Bitcoin Magazine (@BitcoinMagazine) October 21, 2026

The move in bitcoin follows SpaceX's report of strong third-quarter revenue growth, and owner Elon Musk raised the prospect of a merger between SpaceX and Tesla.

SpaceX, which went public on the Nasdaq in June in the biggest IPO in history, posted Tuesday third-quarter revenue of $14.6 billion. That was up 161% from a year ago and far above expectations.

Tech stocks advanced on the news. Bitcoin has historically climbed in tandem with risk assets and has shown a correlation with the Nasdaq.

This year, though, the original cryptocurrency has tracked gold as the debasement trade regains popularity. Under that trade, investors buy assets as a hedge against currency devaluation.

The dollar lost value in August after the U.S. Treasury Department said it would more than double the scale of its government debt repurchases. Bitcoin subsequently logged its strongest quarter in three years and its third-best August ever.

Demand for spot bitcoin ETFs from U.S. investors has also revived this week. On Monday and Tuesday, vehicles run by BlackRock, Fidelity, Grayscale and others attracted more than $549 million in new money, according to Coinglass.

Bitcoin is still more than 30% below its all-time peak of $126,080, reached in October 2025. Still, analysts say the asset is back in bull-market territory after spending most of this year in a bear phase.