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

Data from TradingView showed $BTC/USD up more than 2.5% on Tuesday, reaching $83,944 on Bitstamp to retrace Monday’s drop.

$BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The gains came as a fresh tech sell-off gathered pace on South Korea’s KOSPI Composite Index, which extended its losses for the week to 7.4%. The index fell below its 200-day moving average for the first time since late July.

KOSPI Composite Index one-day chart with 200-day moving average. Source: Cointelegraph/TradingView

Semiconductor stocks came under particular pressure, with SK Hynix closing more than 10% lower, while the rout compounded existing problems for Samsung after it reported lower-than-expected Q3 earnings last week. Foreign investors sold around 173 trillion won ($129 billion) worth of SK Hynix and Samsung shares since the start of 2026, accounting for the vast majority of year-to-date KOSPI sales.

The weakness echoes August’s sell-off, when concerns over the AI boom and associated corporate debt obligations sparked sharp losses that soon spread to global markets.

“Investors are jittery and looking for excuses to take profit on AI-related stocks that have outperformed this year, especially memory stocks,” UBP senior equity advisor Vey-Sern Ling told CNBC on Monday.

Ling was among those who flagged competition from China as increasingly problematic for Korean investors, while acknowledging that the Chinese sector still faced “technology hurdles.”

Bitcoin price rebounds despite waning ETF demand

In contrast to the August sell-off, Bitcoin avoided a copycat move and moved toward the upper end of its local trading range between $80,000 and $87,000.

At the time, analysis attributed Bitcoin’s relative strength to potential monetary policy easing by central banks. Major US inflation data is due out this week ahead of the Federal Reserve’s Oct. 28 rate decision, with markets expecting rates to stay at their current levels of 2.75-4%.

Bitcoin’s relative strength also comes despite declining investor appetite for $BTC exposure in October, with outflows from the US spot Bitcoin exchange-traded funds (ETFs) recording $451 million in net outflows so far this month, including $69 million on Monday.

US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors

Traders noted bulls’ had struggled to hold above $84,000 on lower time frames. CoinGlass data showed a thickening band of ask liquidity on exchange order books near that level.

$BTC liquidation heatmap. Source: CoinGlass