Bitcoin (BTC) has recovered from overnight lows amid a fresh decline in Asian stock markets.
The leading cryptocurrency by market value was trading at around $59,800 at the time of writing, up 2.7% from the low of $58,206 reached on Thursday, according to data from CoinDesk. Still, prices are down more than 5% this week and almost 20% for the month.
“Bitcoin has returned to the $50,000 to $60,000 area, and if history is any guide, this is where the buyers come 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 following the US Spot ETF launch rally, and has held through everything that has come its way since then: the yen carry decline, the election cycle, and all the other tests of high time frames.
Meanwhile, Asian stocks are under pressure: South Korea’s Kospi index fell 8% and Japan’s Nikkei lost 3%. The losses follow overnight risk aversion on Wall Street, where shares of Apple and other Mag7 stocks plunged after announcing price increases for laptops, tablets and other products citing rising costs.
