Bitcoin climbed back to trade near $83,700 early Tuesday, recovering from a dip to around $81,200 just after midnight UTC, according to CoinGecko data. The rebound came as South Korean tech stocks led a steep decline on the country’s main equity index, sending ripples through regional markets.
Tech selloff hits South Korean markets
South Korea’s main stock gauge, the KOSPI, saw sharp losses on Tuesday, briefly falling below 6,000. The index reached an intraday low of more than 7% and finished the day down 5.5%, as reported by KED Global. This steep drop triggered a sell-side trading curb on the Korea Exchange for the first time in nearly two months.
The steep decline largely stemmed from heightened selling of shares in leading memory chipmakers Samsung Electronics and SK Hynix, following renewed concerns over China’s demand for semiconductors. Foreign investors were among those accelerating their exit from these names, leading both companies to end the session with drops of roughly 8%.
Mini dictionary: KOSPI – The Korea Composite Stock Price Index is the key benchmark index of South Korea, reflecting the performance of all common stocks listed on the Korea Exchange.
| Index/Stock | Intraday Loss | Session Close |
|---|---|---|
| KOSPI Index | More than 7% | -5.5% |
| Samsung Electronics | ~8% | ~8% |
| SK Hynix | ~8% | ~8% |
Crypto market sees liquidations as traders await inflation data
Bitcoin’s bounce followed a weak start to the week. On Monday evening in the United States, the world’s largest cryptocurrency fell below $82,000. During a 24-hour period, roughly $771 million in crypto positions were liquidated, with $685.6 million of those being long positions.
Commenting on the drop, Dominick John, analyst at Zeus Research, pointed to broader economic concerns, reduced institutional buying, and trader caution ahead of key inflation figures as factors driving the sell-off. Meanwhile, Justin d’Anethan, head of research at crypto firm Arctic Digital, said the recent volatility did not erase the view that Bitcoin may have reached a new price floor. He suggested that the recent move reflected a “recalibration” and the potential formation of a new support range.
“Ultimately, the recent drop doesn’t invalidate having marked a bottom. It just suggests some recalibration and maybe the formation of a new support zone.”
Traders focus on US inflation report
Attention now turns to the upcoming US September consumer price index report, due from the Bureau of Labor Statistics on Wednesday, October 14, at 8:30 a.m. ET. Market participants are watching closely for signs that could affect risk appetite and future price action in both equities and cryptocurrencies.
Daan Crypto Trades, a crypto trader known for sharing technical analysis on X, noted that Bitcoin staged a fast rebound, forming a “higher low” in its recovery overnight. He emphasized that $83,000 remains a crucial level to watch on both daily and weekly timeframes. Daan indicated that much of the order book liquidity is currently above Bitcoin’s traded price, and a softer inflation number could facilitate further upwards movement.
Bitcoin “did make a higher low with a quick retrace back up overnight.” The $83,000 level “remains key on the daily and weekly timeframes,” and a lower CPI print “could help take some of that out.”
