Bitcoin keeps up pressure on $84K as US stocks skirt Korea tech sell-off
Bitcoin price action preserved overnight gains as US stocks quickly rebounded after opening lower on the back of Korea’s tech-stock rout.
Bitcoin (BTC) continued to target $84,000 at Tuesday’s Wall Street open as US stocks attempted to shake off South Korea’s latest tech rout.
Key points:
- Bitcoin approached $84,000 once more at the start of US trading on Tuesday, still up by around 2%.
- US equities avoided a copycat sell-off after Korea’s KOSPI index finished the day down 5.4%.
- Analysis from CryptoQuant warned of increasing US dollar strength challenging BTC price upside as DXY hit its highest level in 18 months.
Data from TradingView showed BTC/USD returning to near $83,800 at the start of the US trading session, preserving much of its overnight upside.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Equities opened lower on the day after futures fell during Asia trading after Korea’s KOSPI Composite Index shed 7.4% over two days. Semiconductors led the losses amid mounting fears over AI expenditures and competition from China.
Both the S&P 500 index and the tech-heavy Nasdaq Composite index made early gains to briefly turn green on the day, however, both gauges were off less than 0.5% at the time of writing.
Nasdaq Composite Index one-day chart. Source: Cointelegraph/TradingView
“The most important development has been not just bond yields going up, but the volatility for bonds... and that’s starting to work its way out through asset pricing across the board,” Damien Boey, portfolio strategist at Wilson Asset Management in Sydney, Australia, told Reuters. He said:
“It’s a very uncomfortable situation on many fronts... maybe AI capex just comes off the boil a little bit, and maybe a few players are casualties in that.”
Bitcoin remained caged around exchange order-book liquidity, which continued to act as resistance above $84,000, per data from CoinGlass.
BTC liquidation heatmap. Source: CoinGlass