Bitcoin (BTC) recovered toward USD 84,000 on Tuesday, October 13, even as South Korean shares fell sharply again. The cryptocurrency climbed from an early low near USD 80,850 to USD 83,944, while traders faced heavy liquidations and continued withdrawals from U.S. spot Bitcoin exchange-traded funds (ETFs).
Bitcoin price reaches USD 83,944 but faces resistance at USD 84,000
TradingView data showed Bitcoin gaining more than 2.5% from its early Tuesday levels, reversing much of Monday’s price decline. The recovery followed an unsuccessful attempt to break USD 84,000 the previous day. Bitcoin traded below that price as sellers returned near the upper end of its intraday range.
CoinGlass heatmap data indicated concentrated potential liquidations near USD 84,000, while exchange order books showed selling interest around that price. Those levels can change as orders are added or withdrawn. Ether rebounded from about USD 2,410 to above USD 2,500, while XRP recovered from USD 1.31 to around USD 1.36.
South Korea’s KOSPI closes 5.46% lower as chip stocks fall
South Korea’s KOSPI closed Tuesday at 6,035.35, down 5.46%, as the Korea Exchange reported its latest market figures following the sell-off. The index had dropped as much as 7.41% during the session and briefly traded below 6,000.
It also fell beneath its 200-day moving average, a measure of its longer-term trend, for the first time since late July. Selling pressure triggered a temporary halt to certain program sell orders.
Semiconductor companies led the decline. SK Hynix closed 10.09% lower, while Samsung Electronics lost 7.39%. Investors weighed concerns about spending on artificial intelligence and fresh competition from Chinese memory-chip producers.
Despite the stock sell-off, Bitcoin moved higher during the same trading session, although that short-term difference does not establish a lasting separation between the markets.
Crypto liquidations exceed USD 800 million as Bitcoin ETFs lose funds
CoinGlass figures showed approximately USD 810 million in cryptocurrency liquidations over a rolling 24-hour period. Around 85% involved long positions, which are vulnerable when prices decline.
More than 173,000 traders reportedly faced liquidations, including one position worth over USD 9.6 million on Binance. Exchanges liquidate leveraged positions when traders cannot maintain the required margin, although reported figures may understate the total.
Meanwhile, Farside Investors recorded USD 65.4 million in net outflows from U.S. spot Bitcoin ETFs on Monday, October 12. Withdrawals totaled about USD 679 million during October 5–9, ending a three-week inflow streak. October 7 alone recorded USD 484.9 million in withdrawals. Across October through Monday, the funds recorded approximately USD 452 million in net outflows, despite some positive trading sessions.
U.S. inflation data and Fed meeting remain in focus
The U.S. Bureau of Labor Statistics scheduled September’s consumer price index report for Wednesday, October 14, at 8:30 a.m. Eastern Time. The producer price index follows on Thursday. Energy costs remain an important concern after oil prices rose amid threats to Middle Eastern supplies.
The Federal Reserve’s current policy rate stands at 3.75%–4%, with its next meeting scheduled for October 27–28. Traders will compare the inflation figures with expectations before that decision.
Paul Howard of Wincent said, “I expect institutional investors to focus on adding protection through derivatives and hedging strategies rather than materially reducing their underlying exposure.” His statement described an expectation, not confirmed investment flows.
Meanwhile, the recent Bitcoin price outlook ahead of CPI identifies USD 80,000 and USD 86,000 as possible levels to watch, rather than certain outcomes.
ALSO READ: Tokenized SanDisk Liquidations Surpass XRP as Asian Chip Selloff Triggers USD 803 Million Wipeout
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
