Bitcoin traded near $83,700 early Tuesday, up from a low of about $81,200 at 00:50 UTC, CoinGecko prices show. The recovery came while a chipmaker-led selloff pushed South Korean stocks sharply lower.
South Korea’s benchmark KOSPI briefly dropped below 6,000 on Tuesday and was down more than 7% at its intraday low. The slide set off a sell-side trading curb on the Korea Exchange for the first time in nearly two months, and the index finished the session 5.5% lower, according to KED Global.
Overseas investors stepped up their selling of Samsung Electronics and SK Hynix on Tuesday amid fresh China chip fears, KED Global reported, and the two memory makers each lost roughly 8% during the session.
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A Rough Monday for Crypto
The bounce followed a weak start to the week. Bitcoin slipped below $82,000 on Monday evening U.S. time, and about $771 million in crypto positions were liquidated over 24 hours, $685.6 million of them longs.
Zeus Research analyst Dominick John attributed Monday’s slide to macro pressure, softer institutional demand and caution ahead of the inflation report, in comments to The Block. Justin d’Anethan, head of research at Arctic Digital, looked past the selloff. “Ultimately, the recent drop doesn’t invalidate having marked a bottom,” he told The Block, adding that it “just suggests some recalibration and maybe the formation of a new support zone.”
CPI Is Next
Traders now turn to the September consumer price index, due from the Bureau of Labor Statistics at 8:30 a.m. ET on Wednesday, Oct. 14.
Daan Crypto Trades, a trader who posts market analysis on X, wrote on Tuesday that Bitcoin “did make a higher low with a quick retrace back up overnight.” He said the $83,000 level “remains key on the daily and weekly timeframes” and that most liquidity was sitting above the current price. “A lower CPI print could help take some of that out,” he wrote.
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