Due to the Korean stock market collapse, the price of Bitcoin remains near $68,000.
Bitcoin traded near $68,200 on Wednesday as global markets reacted to a sharp sell-off in South Korea’s stock market and heightened geopolitical tensions in the Middle East.
The cryptocurrency is up about 0.7% in the past 24 hours after briefly falling below $67,500 earlier this week. Data showed Bitcoin surpassed its 24-hour low of $67,406 and trading volume increased in early Asian time.
The move comes as investors are assessing broader market stress following a sudden decline in South Korea’s benchmark KOSPI index.
Korean market collapse triggers global risk response
South Korea’s stock market plunged more than 10% during trading on Wednesday, with circuit breakers triggered after an earlier drop of 8% that temporarily halted trading.
The sale wiped out approximately $270 billion in market value in a single session. Major semiconductor companies led the decline. Samsung Electronics fell about 10% and SK Hynix fell about 12%.
Tensions in the Middle East and concerns about shipping through the Strait of Hormuz caused oil prices to rise above $80 before falling sharply.
South Korea imports most of its energy supplies, and disruptions in the region could push up production costs for industries such as semiconductor manufacturing.
The global chip sector plays a key role in artificial intelligence infrastructure, particularly through high-bandwidth memory used in advanced computing systems.
Bitcoin Institutional Demand Continues
Despite volatility in global markets, institutional flows into Bitcoin remain active.
Spot Bitcoin ETF filings show that BlackRock’s fund purchased approximately $264 million worth of Bitcoin in the past 24 hours. These inflows represent continued institutional exposure to the asset class even as traditional markets face turbulence.
BTC Price Consolidation Amid Market Uncertainty
Stocks in Asia plummeted, but Bitcoin remained relatively stable. The cryptocurrency continues to trade within a consolidated range of roughly $67,000 to $70,000.
A daily close above $70,000 could strengthen the bullish structure and pave the way for $77,000.
The downside is that if the closing price falls below $62,000, market structure will weaken and the risk of a deeper correction will increase.
The current price action forms a bearish pattern, which historically can lead to a bearish breakout if selling pressure increases.
What’s next for Bitcoin price?
Several support and resistance levels remain important for Bitcoin’s next move. The main support zone is between $54,000 and $57,000. Another support level is near $55,000, which previously served as strong horizontal support during the initial market correction.
On the positive side, Bitcoin continues to face resistance near the upper end of its current consolidation range, a level that the price has struggled to break through in recent sessions.
A decisive move above this resistance could trigger another bullish rally, while a fall below support could open the door to a deeper correction towards the mid-$50,000 range.
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