Bitcoin (BTC) has recovered from its recent lows amidst a downturn in Asian stock markets.
The prominent cryptocurrency was trading around $59,800 at the time of this report, reflecting a 2.7% increase from the Thursday low of $58,206, as per CoinDesk data. However, it remains over 5% lower for the week and nearly 20% down for the month.
Gabe Selby, head of research at CF Benchmarks, noted, "Bitcoin has pulled back into the $50–60K zone, and if history is any guide, this is where buyers step in."
He elaborated that this price range first became a support level in mid-2024, following a rally triggered by the U.S. spot ETF launch, and has consistently held firm despite various challenges such as the yen carry unwind, the election cycle, and multiple high-time-frame retests.
In contrast, Asian equity markets are facing downward pressure, with South Korea's Kospi index declining by 8% and Japan's Nikkei falling by 3%. These declines were influenced by a wave of risk aversion on Wall Street, where major stocks like Apple and others in the Mag7 experienced significant drops after announcing price increases for laptops, tablets, and other products due to rising costs.