Bitcoin briefly slid toward $58,000 before bouncing back, with CF Benchmarks highlighting the $50,000–$60,000 range as a historically reliable zone where buyers tend to step in.
Heading into the weekend, ether, XRP, and dogecoin led a widespread crypto decline, falling more sharply than bitcoin as a renewed downturn in tech stocks weighed on risk assets globally.
Ether dropped 5.6% over the past 24 hours to around $1,555, bringing its weekly loss to 7.9%—the steepest among major cryptocurrencies, according to CoinDesk data. XRP fell 4.9% to $1.03, down 8.5% on the week, while dogecoin lost 3.8% to $0.074, extending its seven-day decline to 9.8%. Solana held up comparatively well at $68, slipping just 1.2% over the same period.
Elsewhere, Hyperliquid’s HYPE token declined 5.4%, while Tron was the only asset in positive territory, edging up 0.4%. Bitcoin, after dipping near $58,000, recovered toward $60,000 and was last trading around $59,888—down 2.7% on the day and 4.5% for the week.
Much of the selling pressure stemmed from macro markets rather than crypto itself. Global equities fell to a two-week low after Apple shares dropped 6.1% following price hikes on Macs, iPads, and home devices, fueling concerns that rising input costs could slow the AI-driven chip rally.
In South Korea, the Kospi index plunged as much as 9%, triggering its second trading halt of the week, as SK Hynix and Samsung each tumbled more than 8%. Nasdaq 100 futures declined 1.5%, while Brent crude slipped below $74 per barrel, offering little राहत despite temporary supply concerns after an incident in the Strait of Hormuz.
Crypto-specific dynamics also contributed. According to CF Benchmarks’ head of research Gabe Selby, part of bitcoin’s pullback was driven by large holders selling into a market that has struggled to absorb the added supply.
Selby noted that investor attention and capital have increasingly shifted toward AI-related assets, leaving crypto with a smaller share of overall risk appetite. He described the current move as a broad market cooldown rather than a fundamental issue within the crypto sector.
He added that bitcoin has once again entered the $50,000–$60,000 range, an area that has historically acted as a support zone where buyers re-emerge.
For now, the market remains in a familiar pattern: bitcoin holding above a key level it hasn’t broken in nearly two years, while altcoins continue to underperform. Selby identified $55,000 as the next downside support, with $61,000–$62,000 as the key resistance range bulls need to reclaim, advising traders to manage exposure carefully.
Overall, the narrative remains unchanged—crypto is reacting to a broader tech-led selloff, with limited internal catalysts as capital continues rotating into AI-focused investments.
