Bitcoin price action preserved overnight gains as US stocks quickly rebounded after opening lower on the back of Korea’s tech-stock rout.

Bitcoin (BTC) continued to target $84,000 at Tuesday’s Wall Street open as US stocks attempted to shake off South Korea’s latest tech rout.

Data from TradingView showed BTC/USD returning to near $83,800 at the start of the US trading session, preserving much of its overnight upside.

Equities opened lower on the day after futures fell during Asia trading after Korea’s KOSPI Composite Index shed 7.4% over two days. Semiconductors led the losses amid mounting fears over AI expenditures and competition from China.

Both the S&P 500 index and the tech-heavy Nasdaq Composite index made early gains to briefly turn green on the day, however, both gauges were off less than 0.5% at the time of writing.

“The most important development has been not just bond yields going up, but the volatility for bonds... and ​that’s starting to work its way out through asset pricing across the board,” Damien Boey, portfolio strategist at Wilson Asset Management in Sydney, Australia, told Reuters. He said:

Bitcoin remained caged around exchange order-book liquidity, which continued to act as resistance above $84,000, per data from CoinGlass.

Related: BTC price support holds ahead of US CPI data: Three things Bitcoin traders need to know this week

Bitcoin bulls are facing a double macro headwind this month, CryptoQuant contributor Darkfost said in market commentary on Tuesday.

With bond yields circling their highest levels in nearly a quarter of a century, US dollar strength has increased markedly.

Source link