Bitcoin slipped below $82,800 on Thursday after reaching nearly $85,000 the previous day, retreating from a short-lived rally that had briefly pushed it above a key resistance level.

The cryptocurrency’s move followed a sharp reversal that saw it climb to $84,800 late Wednesday before dropping more than $2,000 within six hours. By Thursday Asian trading hours, it was trading just under $82,800, hovering near a $82,500 support zone that analysts have warned could trigger further declines toward $70,000 if breached.

Most major digital assets fell during the session, with HYPE, Dogecoin and Solana among the larger losers. Zcash was the only standout gainer among the larger coins, rising nearly 3% to about $1,290, while XRP edged higher. Ether, BNB and TRX each slipped less than 1%, according to CoinDesk data.

The price action coincided with broader market weakness tied to corporate outlooks and renewed skepticism about artificial intelligence investment. Tesla’s after-hours earnings report showed a reduced capital-spending forecast, contributing to a 3% drop in its stock. Chip equipment maker Lam Research also fell 7% after reporting a weak outlook. Meta Platforms rose 2% after announcing higher AI spending plans, but the gain was insufficient to offset broader tech sector declines.

U.S. equity futures reflected the cautious mood, with Nasdaq 100 futures down 1.1% and S&P 500 futures down 0.5%. In Asia, markets declined sharply: South Korea’s Kospi fell 2.2% as Samsung Electronics and SK Hynix retreated, and China’s CSI 300 dropped 1.7%, on track for a bear market. Alibaba’s shares fell as regulators called for tighter quality controls in the e-commerce sector.

Crude oil prices rose amid renewed tensions in the Middle East, adding to inflation concerns. The developments underscore how macroeconomic signals and corporate guidance continue to influence cryptocurrency price movements, even as AI-related narratives have lost some of their earlier momentum.

The market’s reaction highlights the volatility that persists in digital asset markets, where price swings can be triggered by both technical levels and broader financial trends.