Bitcoin bounced from a $58,206 low to near $60,000 as Asian equities tumbled, with South Korea's Kospi sliding 8% and Japan's Nikkei losing 3%.
Back
Bitcoin rebounds to $59,800 as Asian stock rout deepens on tech selloff
Bitcoin rose 2.7% to $59,800 as of 01:10 UTC, recovering from a $58,206 low hit Thursday, as a selloff in Asian equities deepened. The leading cryptocurrency remains down 5% this week and nearly 20% for the month, according to CoinDesk data.
"Bitcoin has pulled back into the $50-60K zone, and if history is any guide, this is where buyers step in," Gabe Selby, head of research at CF Benchmarks, said. Selby explained that the range was first established as support in mid-2024, when prices consolidated following the US spot ETF launch rally, and has held through the yen carry unwind, the US election cycle, and every other high-time-frame retest since.
The recovery came as South Korea's Kospi plunged 8% and Japan's Nikkei 225 shed 4.5%, with Samsung Electronics losing 7% and SoftBank Group Corp. falling 13.4%. The selloff followed overnight risk aversion on Wall Street, where Apple dropped 6.1% after announcing price hikes across its product lineup, dragging the broader Mag7 complex lower. In Tokyo trading, Advantest sank 10.8%, while Hong Kong's Hang Seng lost 1.7% and the Shanghai Composite slipped 1.4%. Australia's S&P/ASX 200 was an outlier, gaining 0.2%. The US dollar weakened against the yen, falling to 161.64 from 161.80, while Brent crude declined 1.8% to $74.13 per barrel.
The broader crypto market tracked equities lower, with Ether falling 5.75% to $1,549.04 and XRP losing 5.19% to $1.03, according to CoinDesk data. Solana proved more resilient, down just 1.3% to $68.05, supported by growing institutional products and real-world asset activity on the network. The correlation between digital assets and risk-on equities remained elevated, with traders watching for further deterioration in tech stocks that could drag Bitcoin below the $58,000 threshold. Open interest across major exchanges declined alongside the price move, reflecting cautious positioning among leveraged traders.
Bitcoin's $58,000 level now acts as the next critical support, with a break below opening the path toward the $50,000 zone. Selby noted the $50,000-to-$60,000 range has held since mid-2024 through every major retest, suggesting the zone remains a key accumulation area for buyers. The next catalyst for direction could come from US economic data releases and further earnings reports from Mag7 companies, which have driven much of the recent risk-on sentiment across both equities and crypto markets.
This article is for informational purposes only and does not constitute investment advice.
[1] Live markets: Bitcoin rebounds to nearly $60,000. Kospi, Nikkei sink[2] South Korea's Kospi down 8%, Japan's Nikkei down 5%: Why Asian markets are bleeding[3] Asian shares plunge as traders sell to lock in profits after recent rallies driven by AI[4] Bitcoin rebounds to $60,000 despite sharp declines in Asian stock markets. - Pluang
