Bitcoin has recovered from overnight lows despite renewed selling in Asian stock markets. The largest cryptocurrency in terms of market value was traded around $59,800 at the time of writing, according to CoinDesk data.
Weekly and monthly losses continue
This level is approximately 2.7% above Thursday’s low of $58,206. Despite this, the Bitcoin price has lagged by more than 5% on a weekly basis and approximately 20% on a monthly basis.
Gabe Selby, head of research at CF Benchmarks, states that Bitcoin has retreated to the range of 50 thousand to 60 thousand dollars again, and if past movements are taken into account, buyers generally come into play in this region.
According to Selby, the 50 thousand to 60 thousand dollar band stood out as the support zone in mid-2024. During this period, prices had stabilized in this range after the rise following the start of trading of spot Bitcoin ETFs in the USA.
Support region emphasis came to the fore
According to the analyst, the range was maintained despite various pressures, including the unraveling of yen carry transactions, volatility created by the election cycle and retests on wider time frames. CF Benchmarks is known as a company that provides reference prices and indexes for digital assets.
This attempted recovery in the market coincided with the weak outlook in Asian stock markets. While the Kospi index in South Korea decreased by 8%, the Nikkei index in Japan decreased by 3%.
Wall Street influence moves to Asia
Behind the sales in Asia was the risk aversion trend that strengthened on Wall Street overnight. Sharp declines were seen in major technology stocks, known as the Magnificent 7, along with Apple. It was reported that this movement gained momentum following the price increase announcements made on laptops, tablets and some other products, citing cost increases.
Selby emphasizes that this price zone was formed in mid-2024 and has survived despite numerous stress tests in the market since then.
The short-term reaction rise in Bitcoin came on a day when global risk appetite weakened. On the other hand, the price remained under pressure in both weekly and monthly views, showing that investors continued to closely monitor the 50 thousand and 60 thousand dollar band.
