Bitcoin price retreated below $82,000 after failing to maintain its momentum near $85,000. The asset lost nearly 3% on Thursday, erasing the gains from the previous day when it reached a peak of $84,840 on Bitstamp.
The market reaction followed Tesla's Q3 financial report, which revealed revenue of $28.05 billion, missing the analyst estimate of $28.13 billion. Capital expenditure was reported at $4.73 billion, significantly lower than the projected $7.96 billion.
Analysts noted that the lower capital expenditure figures raised concerns regarding the AI sector. Meanwhile, South Korea's KOSPI Composite Index declined by 3.52% during Thursday's trading session.
On-chain data from CoinGlass indicated that open interest in crypto markets reached $55.95 billion on Tuesday, marking a 4.5% increase over 24 hours. This high level of open interest increases the risk of market cascades.
Technical analysis suggests that the price range between $80,000 and $81,500 currently acts as a key support level, as it represents the cost basis for US spot Bitcoin exchange-traded funds.
