Bitcoin (BTC) rebounded from overnight lows as Asian equity markets extended their downward trajectory.
The leading cryptocurrency by market capitalization traded around $59,800, recovering 2.7% from Thursday’s low of $58,206, according to CoinDesk data. However, the digital asset remains down more than 5% this week and nearly 20% for the month.
“Bitcoin has pulled back into the $50–60K zone, and if history is any guide, this is where buyers step in,” said Gabe Selby, head of research at CF Benchmarks. Selby noted that this price range initially established support in mid-2024 following the U.S. spot ETF launch rally, and has since held through various market pressures including the yen carry unwind, election cycles, and repeated high-time-frame retracements.
Meanwhile, Asian stock markets are experiencing broad-based losses, with South Korea’s Kospi index falling 8% and Japan’s Nikkei dropping 3%. These declines follow overnight weakness on Wall Street, where shares of Apple and other Magnificent Seven companies fell sharply after announcing price increases for laptops, tablets, and other products citing rising costs.