Bitcoin (BTC) has rebounded from overnight lows amid further declines in Asian stock markets.
The top cryptocurrency by market value is trading at around $59,800 as of this writing, up 2.7% from Thursday’s low of $58,206, according to CoinDesk data. Still, prices are down more than 5% this week and nearly 20% for the month.
“Bitcoin is back in the $50,000-$60,000 zone, and if history is any guide, that’s where the buyers are coming in,” said Gabe Selby, head of research at CF Benchmarks.
Selby explained that this area was first established as support in mid-2024, when prices consolidated in this range following the U.S. spot ETF launch rally, and that it has held despite everything that has been thrown at it since: the unwinding of the yen carry, the election cycle, and all the other new long-term tests.
Meanwhile, Asian stocks are under pressure, with South Korea’s Kospi index down 8% and Japan’s Nikkei down 3%. The losses follow overnight risk aversion on Wall Street, where shares of Apple and other Mag7 stocks slumped after announcing price hikes for laptops, tablets and other products, citing rising costs.
