In this video, we break down Bitcoin on the 1hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) experienced severe volatility today, whipsawing between a low of $81,033 and a rebound high of over $84,000. The sudden liquidations triggered more than $820 million in crypto futures contract liquidations within 24 hours. It is currently hovering around $83,600 as spot buyers step in to defend the $81,000 floor.
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Bitcoin Insights Today
• Global Tech & Semiconductor Crash: A massive 6.5% crash in South Korea’s KOSPI index—sparked by Chinese memory chip design breakthroughs disrupting tech giants—dragged Nasdaq 100 futures lower. Analysts note that Bitcoin’s correlation with tech-linked equity futures has tightened to +0.69, making BTC highly vulnerable to global AI and semiconductor sell-offs.
• Macro Headwinds (Oil & Yields): Macroeconomic pressures are putting safety caps on speculative growth. The U.S. 10-year Treasury yield climbed to 5.23%, while Brent crude oil hit $107. These multi-month highs trigger inflation fears, squeezing liquidity across risk assets.
• Waning ETF Inflows: Institutional demand is showing signs of near-term exhaustion. After fueling a massive third-quarter rally, U.S. spot Bitcoin ETFs suffered their largest weekly withdrawal since June, bleeding $678.9 million in outflows last week and over $300 million so far in October.
• U.S. Government Movements: On-chain data revealed that wallets linked to the U.S. government shifted $1.8 billion of seized Bitcoin to a Coinbase Prime custodian account. While no sales are confirmed, it added temporary psychological sell pressure.
• Positive Regulatory Milestone: In a major bright spot for international adoption, Thailand's SEC officially approved the launch of local Bitcoin and Ethereum ETFs on the Stock Exchange of Thailand today.
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