Bitcoin’s wild ride pushes towards the $60k mark
The crypto markets faced a notable downturn on Friday, with Bitcoin, the top cryptocurrency, falling to $60,074, reaching its lowest level since October 2024. The downturn was notably significant throughout the altcoin market, as Ethereum dipped beneath the $1,800 threshold, while XRP, Solana, and BNB experienced declines exceeding 13 percent. Crypto markets have notably faced ongoing pressure since October of last year, following Bitcoin’s peak, resulting in a steady decline in its trajectory. At present, Bitcoin is facing immediate difficulties stemming from disappointing US employment figures, concerns within the AI industry, and increased selling pressure. Nonetheless, those with a long-term perspective may discover potential opportunities in this environment. “The recent pullback was largely driven by weaker-than-expected US labor data and mounting worries over heavy capital spending in the AI sector, which have weighed on broader risk sentiment,” stated Akshat Siddhant. “Additionally, ongoing outflows and the transfer of nearly 60,000 BTC to exchanges by short-term holders have intensified the near-term selling pressure.” In the midst of the fluctuations, Siddhant emphasizes that long-term investors ought to view this time as an excellent chance to make purchases. He suggests a disciplined, staggered accumulation approach, highlighting that 55,500 is a crucial support level for Bitcoin, whereas 70,000 acts as immediate resistance.
The drop in digital assets mirrors the broader slump in global equity markets. The major indices saw a notable drop overnight, influenced by increasing pressure on leading technology stocks. The tech-heavy index has fallen to its lowest point since November, pulled down by drops in major players like a leading software company, an e-commerce giant, and other large-cap stocks. Sentiment declined as Alphabet suggested a possible increase in capital expenditure on artificial intelligence, highlighting the intensifying competitive environment. The major indices faced a downturn, with one index falling by 1.23 percent, another declining by 1.59 percent, and a third slipping by 1.20 percent. In the Asia-Pacific region, South Korea’s Kospi saw a decrease of up to 5 per cent in early trading on Friday, later trimming its losses to a 3.86 per cent drop. Japan’s index saw a decline of 1.22 per cent, while Australia’s index experienced a slip of 1.61 per cent.
Bitcoin, which dropped to $60,074, has since recovered from those levels but remains in a downward trend. As of the latest update, the leading cryptocurrency was priced at a significant amount, reflecting a notable decline, accompanied by a substantial trading volume over the past 24 hours, as reported. In the last 24 hours, Bitcoin has shown considerable price swings, moving between $60,074 and $72,678. The digital asset currently sits over 48 percent below its all-time high of $126,198, which was reached on October 7, 2025, according to data. Bitcoin’s total market capitalization reached 1.29 trillion dollars, maintaining its position as the largest cryptocurrency in the market. According to a Bloomberg report, contracts on a decentralized prediction platform favored by crypto-native speculators indicated an 82 percent probability that Bitcoin would drop to $65,000 this year. The report indicates that some traders were betting on larger losses. The probability of Bitcoin finishing below $55,000 has risen to around 60 percent, while the odds of a rebound to $100,000 have fallen to 54 percent, down from 80 percent at the start of the year. Riya Sehgal, a research analyst at Delta Exchange, notes that Bitcoin is facing short-term resistance between $71,000 and $72,000, with robust support found in the range of $58,000 to $62,000. “If Bitcoin stabilizes above this range, a consolidation phase may develop prior to a more extensive recovery,” she added.
Ethereum mirrored the path of Bitcoin. At the latest update, the price stands at $1,910.82, reflecting a decline of 9.65 percent, accompanied by a trading volume of $70.51 billion over the past 24 hours. According to sources, the asset fluctuated between $1,748 and $2,157 during the same timeframe. Ethereum’s market capitalisation stands at $231.04 billion, showing a drop of more than 60 per cent from its peak of $4,953, achieved on August 25, 2025. Altcoins encountered considerable strain on Friday. UNUS SED LEO, Monero, Optimism, OFFICIAL TRUMP, Jupiter, Zcash, Sui, NEAR Protocol, Aave, World Liberty Financial, Bonk, Virtuals Protocol, Uniswap, Filecoin, Aptos, Mantle, Pepe, Bitcoin Cash, Pudgy Penguins, Artificial Superintelligence Alliance, Ondo, Ethena, LayerZero, Worldcoin, Arbitrum, Curve DAO Token, Dash, Render, and Litecoin were among the top laggards, experiencing declines of up to 23 percent. A select few assets, however, defied the trend. Several cryptocurrencies were all in positive territory, experiencing gains of as much as 10 percent.
