Bitcoin (BTC) bounced back from overnight lows amid fresh declines in Asian equity markets.
According to data from CoinDesk, the leading cryptocurrency was trading around $59,800 at the time of writing, up 2.7% from a low of $58,206 hit on Thursday. However, prices fell by more than 5% this week and by almost 20% for the month.
“Bitcoin is back in the $50-$60k zone, and if history is any guide, that’s where buyers are stepping in,” said Gabe Selby, head of research at CF Benchmarks.
Selby explained that this zone was first established as support in mid-2024, when prices consolidated in this range after the launch of the US spot ETF, and it has held through everything that has been thrown at it since then: the easing of the yen, the election cycle and all the other retests on the higher timeframe.
Meanwhile, Asian shares are under pressure, with South Korea’s Kospi index down 8% and Japan’s Nikkei losing 3%. The losses followed risk aversion on Wall Street, where shares of Apple and other Mag7 stocks tumbled after it announced price hikes for laptops, tablets and other products, citing rising prices.
