Bitcoin gives back its run at $85,000 as Tesla and Meta fail to calm AI nerves

Bitcoin was flat at just under $82,800 as of Thursday Asian morning hours after giving back a late-Wednesday surge to nearly $85,000. Mixed results from Tesla and Meta knocked Nasdaq futures lower and revived doubts about the AI trade.

ZEC was the only standout gainer among the majors, up nearly 3% to about $1,290, and XRP added less than 1%. HYPE was the laggard, down 3% to about $79. DOGE fell 2% and SOL lost about 1%, while ether, BNB and TRX slipped less than 1%, according to CoinDesk data.

The breakout didn’t last long. Bitcoin cleared $84,000, the ceiling that turned it back on Oct. 13 and 14, and topped out near $84,800 late Wednesday. Within about six hours it had dropped more than $2,000 to around $82,600, a rough night for anyone who chased the move.

That leaves bitcoin sitting on $82,500, a level that some market watchers warn could open a slide toward $70,000 if it breaks for good.

Big Tech didn’t help. Tesla fell 3% after hours after it cut its capital-spending forecast, and chip-equipment maker Lam Research dropped 7% on a weak outlook.

Meta rose 2% after raising its AI spending plans, but that wasn’t enough to lift the mood. Nasdaq 100 futures fell 1.1% and S&P 500 futures lost 0.5%.

Asia took it hard. South Korea’s Kospi dropped 2.2% as Samsung Electronics and SK Hynix retreated, and China’s CSI 300 fell 1.7%, on course for a bear market. Alibaba led Chinese e-commerce stocks lower after the government called for tighter quality control. Crude oil climbed after tensions flared again in the Middle East.