Bitcoin (BTC) is nearing the $60,000 mark again, recovering from recent lows amid a slump in Asian stock markets. Currently priced around $59,800, Bitcoin has risen by 2.7% from Thursday's low of $58,206, according to CoinDesk. Despite this rebound, it remains over 5% down for the week and close to 20% lower for the month.
Gabe Selby, head of research at CF Benchmarks, mentioned that this price range is historically where buyers tend to enter the market, noting, "Bitcoin has pulled back into the $50–60K zone, and if history is any guide, this is where buyers step in." He added that this range became a crucial support level in mid-2024 after the launch of a U.S. spot ETF.
Meanwhile, Asian equity markets are under pressure, with the South Korean Kospi index dropping 8% and Japan's Nikkei falling 3%. These declines are attributed to heightened risk aversion following significant declines in major U.S. stocks like Apple, which lowered investor confidence after announcing price hikes for their products.
