Bitcoin holds above $80,000 as Asian stock rout drags altcoins lower
Summary
Bitcoin managed to stay above the eighty thousand dollar threshold during a sharp drop in Asian stock markets. This regional market downturn pulled the broader digital asset sector downward, with nearly all members of the major crypto index experiencing losses.
Bitcoin fell to just above $80,000 as South Korea’s Kospi plunged 8%, while the CoinDesk 80 fell 2.2% and all but six CoinDesk 100 members declined.
Our Take
Bitcoin is holding up better than the rest of crypto. It dipped to just above $80,000 overnight, right at the Oct. 8 low near $80,300, and buyers stepped in, bouncing it back to about $81,000. Altcoins took the bigger hit: the CoinDesk 80 fell 2.2% versus 0.7% for the bitcoin-heavy CoinDesk 5, and only six of the CoinDesk 100 members were up.
The pressure isn't coming from crypto itself. South Korea's Kospi plunged 8% and hit circuit breakers, Nasdaq futures are down about 1%, and Wednesday's hot CPI pushed the odds of an October Fed hike sharply higher. When risk assets sell off together, high-beta altcoins get hit first. About $1 billion in crypto futures were liquidated in 24 hours, with ether longs taking the biggest losses.
Watch the 8:30 a.m. ET data (PPI, retail sales). Another hot print would add to rate-hike fears and could test the $80K floor again.
Levels for Thursday:
- BTC trading near $81,000. Resistance: the $81,600 overnight high, then $86,000 (a heavily traded options strike).
- Support: $80,000 to $80,300. That zone has held twice now; a third test is weaker, and a clean break opens room for a deeper flush.
- Crypto stocks are weaker: MSTR closed Wednesday at $143.24 (-5.9%) and COIN at $172.89 (-4.9%).
The tell: if BTC holds $80K while Nasdaq bleeds, that's relative strength worth noting.
Opinion of Tech & Money Press. Not financial advice.
Source: Read the full story at CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data