Wednesday Recap: KOSPI swung from -3.73% to +3.29% in one day, BTC climbed above $83,000, and shorts got squeezed again 🔥
First, take a look at this CoinDesk chart: after Asian stocks collectively hit lows on Tuesday, they all reversed course on Wednesday. KOSPI went from -3.73% to +3.29%, Nikkei from -1.3% to +0.85%, and BTC from -0.54% to +0.60%. The link between crypto and tech stocks is still there, but BTC has clearly been more resilient over the past two days.
📈 Key Data for Today
• BTC hit an intraday high of around $83,400, up about 1.5% in 24 hours; ETH was around $2,455 (Source: TokenPost)
• Around $279 million in liquidations across the crypto market over 24 hours, with shorts accounting for nearly 70% (TokenPost)
• U.S. spot BTC ETFs saw $527 million in net inflows on Monday, then $23.2 million on Tuesday—for about $550 million over two days, reversing last week’s outflows (TFTC/Invezz)
• Fear & Greed Index: 63, in “Greed” territory (alternative.me)
• CME FedWatch: 14.9% probability of another rate hike in October, down from 22.1% a week ago
🧭 My take
1️⃣ This rally looks more like short covering than fresh buying from latecomers. Glassnode says a confirmed breakout requires both higher spot trading volume and sustained ETF net inflows; so far, only one of the two conditions is being met.
2️⃣ The Binance liquidation heatmap shows a dense liquidation zone between $87,000 and $92,000, with about $289 million in short positions between $82,800 and $86,900. A breakout above that range could trigger a cascade of short covering.
3️⃣ Support is around $81,000–$80,800 (near the 50-day moving average). A drop back to this area would mean reassessing the case for a rebound.
⚠️ Risk: If ETFs return to sustained outflows, this rally will have no steady buying support.
🎯 Watching tomorrow: Can ETF inflows continue for a third straight day, and can BTC hold above $87,000 on strong volume?
Do you think BTC will reach $87,000 first this week, or retest $81,000? Let me know in the comments 👇
$BTC $ETH
This is only my personal opinion and does not constitute investment advice.