Bitcoin briefly climbed back above $84,000 on October 13 before retreating as a broad Asian equity rout deepened across major markets and dragged global risk appetite lower.
The move shows how closely crypto still tracks equities, while on-chain data paints a more constructive picture.
Market Forces Behind Bitcoin’s Move
Risk-off sentiment is the mood that takes hold when investors move money from volatile assets into cash or bonds. Bitcoin often trades in step with stocks during such periods, so traders watch its reaction closely.
The selling started in Asia. South Korea’s Kospi fell by as much as 7%, while chip giants Samsung and SK Hynix tumbled 7% to 10%.
Japan’s Nikkei 225 slipped about 2%, while Taiwan and other regional indices also declined sharply. Asian equities lost more than $800 billion as the sell-off intensified.
Renewed doubt about the artificial intelligence boom triggered the sell-off. Reports of progress by China’s ChangXin Memory Technologies on higher-density memory chips raised fears for established rivals.
Bitcoin has held up better than equities, yet it remains closely tied to risk assets. Earlier this month, it slipped below $84,000 after reaching the $86,000-$87,000 range.
Forced sales of long positions added pressure as leveraged traders unwound bets. According to CoinGlass data, crypto liquidations totaled $812.26 million over the past 24 hours, affecting 169,570 traders.
Long positions made up about 84.3% of that total, or roughly $685.12 million. Bitcoin accounted for the largest share, with about $193.24 million in liquidations, nearly 74% of which were long positions.
What Are the Key Levels to Watch for Bitcoin?
Bitcoin price has support between $80,000-$82,000. A decisive break below that zone could trigger further liquidations. Bitcoin faces resistance between $84,000-$87,000. A sustained move above that band could open a path toward $100,000.
Macro events will likely dominate sentiment in the weeks ahead. U.S. inflation data, corporate earnings from technology firms, and shifts in Federal Reserve expectations could all move markets. Elevated Treasury yields and oil prices above $100 a barrel continue to weigh on speculative assets.
On-chain data offers a more constructive view. Exchange supply of Bitcoin continues to shrink, a trend that could support a rebound if buying demand improves. Spot ETF flows have turned positive on some days, providing a degree of institutional support.
For investors following the market, the key question is whether the equity sell-off fades quickly. If it does, Bitcoin could regain momentum; if not, the support zone near $80,000 will face a test.
For now, Bitcoin is navigating a classic risk-asset environment. Traders will watch whether $84,000 becomes a reliable floor or another rejection zone.
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