Bitcoin price nears $80K on Thursday after South Korean stocks sold off. Specifically, BTC hit $80,154 on Bitstamp. That was its lowest level since September 20. TradingView data confirmed the move.
Why Bitcoin price nears $80K today
South Korea’s KOSPI index finished 7.5% lower. Consequently, week-to-date losses reached 15.5%. Tech giants led the decline, as in earlier sessions. For example, SK Hynix dropped 11%. Samsung Electronics closed 9.5% lower.
KOSPI’s 200-day moving average fell to 5,450 points. That was its lowest level since late July. The index ended at 5,554 points. Therefore, it marked its lowest daily close since April 8.
Mirae Asset Securities analyst Kim Seok-hwan commented. “Volatility is expected to persist in the near term,” he said. He added that domestic supply-demand conditions are deteriorating. As a result, the market is more sensitive to external risks. He also said a near-term global improvement looks unlikely.
Earnings could add more volatility. SK Hynix and Samsung release Q3 data on October 28 and 29. Samsung is expected to report 195 trillion won in sales. That equals about $145 billion. Its operating profit may reach 107 trillion won. That is roughly $80 billion. If results miss projections, tech sentiment could weaken further.
Meanwhile, Bitcoin faced pressure from Wednesday’s inflation data. September CPI rose 3.7% year over year. That beat forecasts and sparked hawkish rate expectations. QCP Capital asked whether the beat forces more hikes. It also asked whether credit stress prompts policy recalibration.
Oil prices fell on Thursday despite Middle East tensions. A Singapore-registered tanker sank in the Strait of Hormuz on Wednesday. Singapore’s Maritime and Port Authority called the move “unjustifiable.” Nevertheless, WTI traded below $95 per barrel. It was down 0.5%. Brent fell 2.2% to $103.7 per barrel.
Firas Bechwaty is head of business development at ICM. He spoke to CNBC. He saw little chance of Hormuz transit volumes returning. They are unlikely to reach pre-war levels. At the same time, Saudi crude still reaches international buyers. Alternative routes help. IEA emergency stock releases also provide a buffer. Therefore, prices have not spiked sharply.
Key levels to watch
Bitcoin remains near $80,000. A break below could invite more selling. A recovery above $82,000 would ease pressure. Traders should also watch Korean tech earnings. They should monitor oil prices and Fed expectations.
