Bitcoin weakened in line with the sharp selling wave in Asian stock markets on Tuesday, falling to its lowest levels in nearly two weeks. According to TradingView data, BTC/USD parity dropped to $61,860 during the day. This level was last seen on June 11.
Selling pressure in Asian markets came to the fore
Widespread sales, especially in technology stocks, were effective in the retreat in the markets. The Korea Composite index, the main indicator of the South Korean stock market, fell 10% during the news, while Japan’s Nikkei 225 index also fell nearly 4%. This situation in risky assets also created pressure on the cryptocurrency market.
According to The Kobeissi Letter data, there has been a remarkable inflow of funds into the South Korean and Taiwanese markets in recent months. The institution stated that since January 2024, stock fund inflows in Taiwan have reached 155% of assets under management, and in South Korea, this rate was recorded as 150% in the same period. The Kobeissi Letter is known as a market analysis newsletter focusing on macro market flows and investor behavior.
Since January 2024, equity fund inflows in Taiwan have reached 155% of assets under management, with South Korea following closely behind at 150% over the same period.
On the Bitcoin side, the attempt to settle above $65,500 a day ago failed. Analyst Lennaert Snyder stated that the price rebounded sharply after receiving liquidity around $65,000. Snyder assessed that he was watching the $60,000 region as a possible long position area, but lower levels could be seen first.
| Asset or index | Level or change |
|---|---|
| Bitcoin | $61,860 |
| Korea Composite | 10% decrease |
| Nikkei 225 | Approximately 4% decrease |
| Failed BTC attempt | over $65,500 |
Analysts point to new lows
The CryptoReviewing account, which monitors the market, also argued that Bitcoin was stuck in a bearish technical structure. These evaluations indicate that the price outlook, which has been horizontal for the last month, may deteriorate. In the analysis included in the news, it was seen that $ 54,000 stood out as one of the targets in the possible new withdrawal.
QCP Capital stated that despite what is expected to be an eventful week, crypto volatility has shown a limited response and the overall outlook remains largely unchanged.
Volatility expectations in the options market remained weak
According to QCP Capital’s latest market assessment, expected volatility in crypto assets has not yet increased significantly. The institution noted that despite the busy agenda, there are signs of fatigue in the options market and investors continue to look for a strong trigger. QCP Capital is followed as a trading and analysis company focusing on digital asset markets.
The company also noted that seasonal effects could shape behavior ahead of Friday’s quarterly option expiration. According to the assessment, implied volatility following major quarter-end maturities has historically tended to soften. This may be because parties writing options are redistributing capital.
This chart shows that the short-term direction search in Bitcoin is shaped not only by price movements in the spot market but also by expectations in the derivative market. For now, both the selling pressure in Asian stock markets and the cautious outlook in the options market are among the main factors limiting investors’ risk appetite.
