Bitcoin Holds Near 68K as Korean Stock Crash Ignites Risk-Off

Past 24 hours, Bitcoin has edged up about 0.7%. Although it briefly dipped below $67,500 earlier, it stabilized above $67,406 as trading volume swelled during the Asian session. This move unfolded amid severe turbulence in the Korean stock market, forcing global investors to reassess their exposure to risk assets.

On Wednesday, the Korean KOSPI plunged over 10% in a single day, triggering circuit breakers after a prior halt when losses reached 8%. The sell-off erased around $270 billion in market value in one session, with the semiconductor sector hardest hit: Samsung Electronics fell nearly 10%, while SK Hynix dropped almost 12%. Concerns stemmed from escalating Middle East geopolitical tension, pushing Brent crude past $80 per barrel and threatening South Korea’s energy supply chain, which is heavily reliant on imports. As a global semiconductor powerhouse, rising production costs in Korea directly affect the supply stability of AI compute cores, namely high-bandwidth memory (HBM).

Notably, institutional demand for Bitcoin has not waned despite heightened volatility in traditional markets. According to spot Bitcoin ETF holdings, BlackRock’s funds net bought about $264 million worth of Bitcoin within 24 hours, signaling that major financial institutions continue to view Bitcoin as a hedging tool amid the turbulence. Technically, Bitcoin is currently consolidating. A break below the $62,000 level could undermine the current support structure, intensify downward pressure, and form a classic “bear flag,” foreshadowing potential further pullbacks. Key support remains concentrated in the $54,000 to $57,000 range, with $55,000 serving as a frequently tested line. Resistance sits at the upper edge of the current consolidation zone—as a decisive breakout could restart an uptrend; conversely, a failure to hold support may push prices toward the $50,000 to $52,000 range. Amid rising global macroeconomic uncertainty, Bitcoin is gradually reinforcing its market perception as a digital safe-haven asset.