Bitcoin Briefly Tops $84,000 as Asian Shares Shed $800 Billion

On October 13, bitcoin briefly rose above $84,000 before retreating, as a deepening sell-off in Asian equities extended across major markets and weighed on global risk appetite.

The price move highlights how closely crypto continues to track stock markets, even as on-chain data suggests a more positive underlying picture.

Forces Shaping Bitcoin's Latest Move

Risk-off sentiment describes the shift of capital from volatile assets to cash or bonds. During such phases, bitcoin typically moves in line with equities, making its performance a key point of observation for traders.

The sell-off originated in Asia. South Korea's Kospi index dropped as much as 7%, while chip firms Samsung and SK Hynix fell between 7% and 10%.

Japan's Nikkei 225 declined roughly 2%, with Taiwan and other regional benchmarks also recording heavy losses. Asian equities lost over $800 billion in value as the sell-off intensified.

Renewed skepticism about the artificial intelligence rally triggered the downturn. Reports that China's ChangXin Memory Technologies had made progress on higher-density memory chips fueled worries for established competitors.

Bitcoin has held up relatively better than equities, but its connection to risk assets remains. Earlier this month, it dipped below $84,000 after reaching the $86,000–$87,000 zone.

Liquidation of leveraged long positions added downward pressure. According to CoinGlass data, crypto liquidations totaled $812.26 million in the past 24 hours, affecting 169,570 traders.

Longs accounted for roughly 84.3% of that amount, or about $685.12 million. Bitcoin saw the largest single share at $193.24 million in liquidations, of which nearly 74% were long positions.

Key Price Zones for Bitcoin

Bitcoin's support sits in the $80,000–$82,000 range. A firm break below that level could trigger further liquidations. Resistance stands between $84,000 and $87,000, and a sustained move above that band could open the path to $100,000.

Macroeconomic events will likely dominate sentiment in the coming weeks. U.S. inflation data, earnings reports from technology firms, and shifts in Federal Reserve expectations could move markets. Elevated Treasury yields and oil prices above $100 a barrel remain headwinds for speculative assets.

On-chain data provides a more constructive outlook. The supply of bitcoin on exchanges continues to decline, a trend that could support a recovery if buying demand picks up. Spot ETF inflows have been positive on some days, offering a measure of institutional support.

The central question for investors is whether the equity sell-off fades quickly. If it does, bitcoin could regain upward momentum; if not, the support zone near $80,000 will be tested.

For now, bitcoin is moving in a typical risk-asset environment. Traders will watch whether $84,000 becomes a reliable floor or another rejection point.