Bitcoin Holds Near $84K as US Stocks Brush Off Korea Tech Rout

Bitcoin holds near $84,000 while US stocks recover from weak open

Bitcoin (BTC) traded near $83,800 at the start of US equities trading on Tuesday, up roughly 2% on the day. The price approached a resistance level around $84,000 as US stocks rebounded from an initially weak open triggered by a two-day selloff in South Korea's tech sector.

Both the S&P 500 and the tech-heavy Nasdaq Composite Index dipped at the open but turned green shortly after, remaining within half a percentage point of their prior levels by the time of writing.

Key numbers

• BTC/USD returned to roughly $83,800 at the US trading open, preserving most of its overnight gains.
• South Korea's KOSPI Composite Index lost 7.4% over two days, with the day's closing drop at 5.4%.
• The US Dollar Index (DXY), which tracks the dollar against a basket of major trading-partner currencies, hit 102.57 — its highest reading since April 2025.
• DXY had gained 5.5% since September 9.
• Bond yields were circling their highest levels in nearly a quarter of a century.

Korea's semiconductor rout and the US equity response

US futures fell during Asia trading after semiconductor stocks led losses in South Korea, amid growing fears over artificial intelligence (AI) spending and competition from China. The S&P 500 and Nasdaq briefly recovered to positive territory after opening lower.

Damien Boey, portfolio strategist at Wilson Asset Management in Sydney, told Reuters that rising bond yields and increasing bond volatility were affecting asset pricing broadly. He described the situation as "uncomfortable on many fronts" and suggested that AI capital expenditure might cool slightly, with some players potentially being casualties.

Dollar strength and Bitcoin's macro headwinds

CryptoQuant contributor Darkfost identified two macro headwinds for Bitcoin this month: elevated bond yields and strengthening US dollar. He noted that while the traditional inverse relationship between DXY and BTC has weakened this year, crypto markets are suffering from reduced risk appetite.

In his market commentary, Darkfost wrote that these factors "constrain the liquidity available to markets and erode institutional confidence," making the climate unfavorable for Bitcoin as a perceived high-risk asset. He added that more mature markets like the Nasdaq and the S&P 500 were "absorbing what little liquidity remains."

Bitcoin remained capped around $84,000, where exchange order-book liquidity continues to act as resistance, according to CoinGlass data.

Sources

• Cointelegraph