CoinDesk
Bitcoin climbed back to roughly $59,800 on Friday, recovering about 2.7% from an overnight low of $58,206. The bounce comes even as Asian equities sell off sharply, with South Korea's Kospi down 8% and Japan's Nikkei off 3%.
Why it matters
The rebound is testing a support zone that has held since the spot BTC ETF launch rally of mid-2024. Gabe Selby, head of research at CF Benchmarks, noted that the $50,000 to $60,000 range has absorbed every high-time-frame retest since, including the yen carry unwind and the US election cycle. Buyers stepping in here, rather than at lower levels, is the structural signal traders are watching.
Market impact
Despite Friday's bounce, BTC remains down over 5% on the week and nearly 20% on the month. The Asian selloff followed overnight weakness on Wall Street, where Apple and other Magnificent Seven names cratered after price hikes on laptops and tablets tied to rising costs. Risk aversion in equities is not yet dragging crypto lower, suggesting positioning around the $60K level is doing its job.
Frequently asked questions
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Why is Bitcoin bouncing while Asian stocks are falling?
BTC's bounce is testing a support zone between $50K and $60K that has held since the mid-2024 spot ETF rally. CF Benchmarks' Gabe Selby said buyers consistently step in at this range, even as broader risk-off pressure hits equities like the Kospi and Nikkei.
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What level is Bitcoin testing right now?
Bitcoin is trading around $59,800, up 2.7% from an overnight low of $58,206. The $50,000 to $60,000 range has acted as support through the yen carry unwind, the US election cycle, and multiple high-time-frame retests.
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How much has Bitcoin lost this week and this month?
Despite Friday's bounce, BTC remains down over 5% on the week and nearly 20% for the month, according to CoinDesk data.
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Why are Asian stocks selling off?
South Korea's Kospi fell 8% and Japan's Nikkei lost 3%, following overnight weakness on Wall Street. Apple and other Magnificent Seven stocks cratered after announcing price hikes on laptops and tablets tied to rising costs.
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What would invalidate the $60K support thesis?
A clean break below $58,206, the recent overnight low, followed by sustained selling through the $50K–$60K zone, would signal that buyer demand at this range has finally faded. Until that breaks, the structural support thesis remains intact.
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