Bitcoin returned to the vicinity of $60,000 after an overnight visit, but the fall in weeks and months has not recovered. At the same time, the Asian stock market continues to be under pressure, with major shares in Korea and Japan falling, indicating that global risk preferences remain weak.
Bitcoin is up from low.
CoinDesk data show that BTC's latest offer was $59,800, about 2.7 per cent lower than the $58,206 it touched on Thursday. However, by week, bitcoin fell by more than 5 per cent; by month it fell by almost 20 per cent.
CF Benchmarks Research Manager Gabe Selby stated that bitcoin had returned to the $50,000-$60,000 range. In the past, this zone tends to attract purchases.
Between $50,000 and $60,000 in focus
Selby believes that this zone has gained significant support in mid-2024. At that time, prices continued to be processed in the area after the United States spot bitcoin ETF pushed up the road.
He stated that the zone had not been effectively broken since then, either because the yen arbitrage transaction had subsided or because of fluctuations in the United States electoral cycle. The current market is returning to this price zone and support is being tested.
The Asian stock market continues to fall.
On the Asian market, the Kospi index fell by about 8 per cent in Korea and the Japanese yen index by about 3 per cent in Japan. Prior to that, there had been a clear risk-averse trade in United States stock overnight, and the price of the shares of the members of the “Seven-American Stock” such as Apple had been significantly lower.
The sale took place after a number of technology companies announced increases in the prices of laptops, tablets, etc., on the grounds of higher costs. Weaknesses in the stock market and the decline in the technology unit have further increased the pressure on risk assets globally.