Bitcoin surpasses $84,000 as tech stocks rally on Wall Street

Bitcoin rebounded past $84,000 after briefly falling below the $80,000 mark during trading earlier this month, as a rally in US technology stocks revived investor appetite for risk assets and lifted prices across major digital assets.

According to CoinMarketCap, a digital asset tracking platform, Bitcoin was trading at $84,322 as of 8:15 a.m. Thursday — up 1.79% from 24 hours earlier. Ethereum rose 1.31% to $2,480, while XRP and Solana gained 2.58% and 0.71%, respectively. Zcash stood out with a 6.84% gain over the past 24 hours and a 17.08% rise on a weekly basis.

The total market capitalization of digital assets rose 1.64% to $2.82 trillion over the same period. The digital asset fear and greed index, a measure of investor sentiment, stood at 55, remaining in neutral territory.

The gains were driven largely by an overnight rebound in technology stocks on Wall Street, which boosted appetite for risk assets. The Dow Jones Industrial Average closed up 360.21 points, or 0.69%, at 52,856.09 on Wednesday (local time).

The S&P 500 added 44.60 points, or 0.58%, to close at 7,757.17, approaching the all-time high it set earlier this month. The tech-heavy Nasdaq Composite rose 278.04 points, or 1.05%, to finish at 26,702.86.

The Wall Street rally was led by SpaceX and AI-related companies. SpaceX reported quarterly earnings that beat market expectations, rekindling optimism about growth in the AI industry. Its shares jumped 7.8% on the day.

AI server manufacturer Super Micro Computer surged 9.6%, while Dell Technologies and Hewlett Packard Enterprise rose 5.3% and 3.7%, respectively. Semiconductor stocks AMD and Nvidia also advanced, gaining 3.4% and 2.5%.

Activity in the digital asset derivatives market also picked up. According to CoinGlass, open interest in Bitcoin futures rose 5.31% over 24 hours to $56.41 billion. Futures trading volume over the same period climbed 11.12% to $63.78 billion.

Jasper De Maere, an over-the-counter trader at Wintermute, told Bloomberg on Thursday that "solid corporate earnings and a recovery in interest in AI have driven gains across risk assets," adding that the current move "looks more like a recovery phase than the start of a full-blown bull run." He added that "if Bitcoin approaches $87,000, things could change quickly."

Decrypt reported the same day that Bitcoin's 50-day exponential moving average stood at around $80,782, above its 200-day exponential moving average of approximately $76,084. The exponential moving average is a technical indicator that assigns greater weight to more recent prices; when the short-term line sits above the long-term line, it is generally interpreted as a signal that an upward trend remains intact.