Bitcoin falls 3% from $84,840 high as Tesla reports lower capex

Bitcoin dropped nearly 3% on Thursday after an attempt to rally was rejected near the $85,000 level, with price action struggling to stay above support zones observed earlier in the week. Tesla, the electric vehicle manufacturer led by Elon Musk, delivered third-quarter financial results on Wednesday that missed analyst expectations for both revenue and capital expenditure (capex). The company reported Q3 revenue of $28.05 billion, just under the $28.13 billion forecast by Bloomberg, while its capex came in significantly lower at $4.73 billion versus a projected $7.96 billion. Tesla’s lower-than-anticipated spending raised concerns about the company’s commitment to artificial intelligence initiatives.

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