Bitcoin’s rally above $84,000 faded within hours on Wednesday, with the cryptocurrency falling back toward $82,500 as weakness in technology stocks and renewed AI spending concerns dampened market sentiment.

BTC was hovering just below $82,800 early Thursday in Asia, largely unchanged after retreating from a late-Wednesday high near $85,000. Mixed earnings signals from Tesla and Meta weighed on technology futures and raised fresh questions about whether heavy investment in artificial intelligence will deliver sufficient returns.

ZEC outperformed other major cryptocurrencies, gaining nearly 3% to around $1,290, while XRP advanced less than 1%. HYPE fell 3% to approximately $79, leading the declines. DOGE lost 2%, SOL slipped about 1%, and ether, BNB, and TRX each edged lower by less than 1%, according to CoinDesk data.

Bitcoin’s Recovery Runs Into Resistance Again

Bitcoin briefly climbed above $84,000 late Wednesday, breaking through a level that had stopped previous advances on Oct. 13 and 14. The move carried BTC to nearly $84,800 before sellers regained control.

The cryptocurrency then shed more than $2,000 in roughly six hours, dropping to around $82,600. The reversal quickly erased the breakout and highlighted the difficulty Bitcoin has faced in sustaining upward momentum.

Market watchers are now focused on $82,500 as a key support level. A decisive move below that threshold could deepen the correction, with some analysts identifying $70,000 as a potential downside target.

Mixed Earnings Revive AI Market Concerns

Tesla shares slid 3% in after-hours trading after the company reduced its capital expenditure forecast. Semiconductor equipment maker Lam Research fell 7% after delivering a weak outlook.

Meta shares rose 2% after the company raised its planned AI spending, but the announcement did little to reassure investors. Instead, concerns over rising technology investment continued to weigh on sentiment.

Nasdaq 100 futures dropped 1.1%, while S&P 500 futures declined 0.5%, reflecting broader caution across financial markets.

Asian Markets Slide as Middle East Tensions Support Oil

Asian equities followed the technology sell-off. South Korea’s Kospi fell 2.2%, with Samsung Electronics and SK Hynix among the stocks retreating. China’s CSI 300 lost 1.7%, putting it closer to bear-market territory.

Alibaba led losses among Chinese e-commerce stocks after authorities called for tighter quality controls.

Crude oil prices also climbed as tensions in the Middle East escalated again. The combination of weaker equities, uncertainty surrounding AI investment, and rising geopolitical risks added pressure to Bitcoin’s recovery attempt.