Bitcoin hits $84K resistance as Korean tech rout deepens KOSPI losses

Bitcoin struggled to surpass the $84,000 mark amid intensifying losses in South Korea's tech and semiconductor sectors. On Tuesday, BTC/USD fluctuated above $83,944 on Bitstamp, marking a 2.5% increase from the previous day. This recovery occurred as South Korea's KOSPI Composite Index continued its decline, plummeting below its 200-day moving average for the first time since late July, recording a 7.4% week-to-date loss.

The index also dropped below its 50-day moving average for the first time since mid-June, while semiconductor stocks, particularly SK Hynix, suffered severe declines, closing over 10% lower. In the past two months, foreign investors divested around 173 trillion won ($129 billion) from SK Hynix and Samsung shares, accounting for almost all year-to-date KOSPI sales.

This trend echoes the August sell-off triggered by worries over AI boom and related corporate debt. UBP senior equity advisor Vey-Sern Ling attributed Bitcoin's resilience to potential monetary policy easing by central banks. Investors are wary of profit-taking from AI stocks, especially memory stocks, while acknowledging China's growing tech challenges.

Unlike the August sell-off, Bitcoin managed to stay within its local trading range of $80,000 to $87,000, driven by potential monetary policy easing and declining investor appetite for BTC exposure in October, where US spot Bitcoin ETFs saw $451 million in net outflows so far this month.