Bitcoin traded near $68,200 on Wednesday as global markets reacted to a sharp sell-off in South Korea’s stock market and rising geopolitical tension in the Middle East.
The cryptocurrency rose about 0.7 percent in the past 24 hours after briefly slipping below $67,500 earlier this week. Data shows Bitcoin held above a 24-hour low of $67,406 while trading volumes increased during early Asian hours.
The move comes as investors assess broader market stress following a sudden decline in South Korea’s benchmark KOSPI index.
South Korea’s stock market plunged more than 10 percent during Wednesday trading, triggering a circuit breaker after an earlier 8 percent drop halted trading temporarily.
The sell-off wiped out an estimated $270 billion in market value in a single session. Major semiconductor companies led the decline. Samsung Electronics fell about 10 percent, while SK Hynix dropped roughly 12 percent.
The sharp decline came as oil prices climbed above $80 amid tension in the Middle East and concerns over shipping through the Strait of Hormuz.
South Korea imports most of its energy supply, and disruptions in the region can raise production costs for industries such as semiconductor manufacturing.
The global chip sector plays a major role in artificial intelligence infrastructure, particularly through high-bandwidth memory used in advanced computing systems.
Institutional flows into Bitcoin remain active despite volatility in global markets.
Data from spot Bitcoin ETF filings shows BlackRock’s fund purchased roughly $264 million worth of Bitcoin within the past 24 hours. The inflow indicates continued institutional exposure to the asset class even as traditional markets face turbulence.
While equities in Asia dropped sharply, Bitcoin remained relatively stable. The cryptocurrency continues to trade within a consolidation range between roughly $67,000 and $70,000.
A daily close above $70,000 could strengthen the bullish structure and open the path toward $77,000.
On the downside, a close below $62,000 would weaken the market structure and increase the risk of a deeper correction.
Current price action forms a bear flag pattern, which historically can lead to a downward breakout if selling pressure increases.
Several support and resistance levels remain important for Bitcoin’s next move. A major support zone between $54,000 and $57,000. Another support level sits near $55,000, which previously acted as strong horizontal support during earlier market corrections.
On the upside, Bitcoin continues to face resistance near the top of its current consolidation range, a level the price has struggled to break in recent sessions.
A decisive move above this resistance could trigger another bullish rally, while a drop below support may open the door for a deeper correction toward the mid-$50,000 range.
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