Bitcoin briefly dipped toward $58,000 before rebounding, with CF Benchmarks pointing to the $50,000–$60,000 range as a historically strong support zone where buyers typically return.
Heading into the weekend, ether, XRP, and dogecoin led a broad-based crypto decline, posting steeper losses than bitcoin as a renewed selloff in technology stocks dragged global risk assets lower.
Ether fell 5.6% over the past 24 hours to around $1,555, bringing its weekly drop to 7.9%—the largest among major tokens, according to CoinDesk data. XRP declined 4.9% to $1.03, extending its weekly loss to 8.5%, while dogecoin slipped 3.8% to $0.074, down 9.8% over seven days. Solana showed relative strength at $68, easing just 1.2% on the week.
Hyperliquid’s HYPE token dropped 5.4%, while Tron was the only asset in positive territory, rising 0.4%. Bitcoin, after testing the $58,000 level, recovered toward $60,000 and was last trading near $59,888—down 2.7% on the day and 4.5% over the week.
The selloff was largely driven by macro factors rather than crypto-specific developments. Global equities slid to a two-week low after Apple shares tumbled 6.1% following price increases across Macs, iPads, and home devices, raising concerns that higher input costs could slow the AI-fueled rally in chip stocks.
In South Korea, the Kospi index plunged as much as 9%, triggering its second trading halt this week, as SK Hynix and Samsung both dropped more than 8%. Nasdaq 100 futures fell 1.5%, while Brent crude slipped below $74 per barrel, offering limited relief despite a brief spike in supply concerns after an incident in the Strait of Hormuz.
Crypto-specific selling added to the pressure. According to Gabe Selby, head of research at CF Benchmarks, part of bitcoin’s decline was driven by large holders offloading significant amounts into a market that has been slow to absorb the added supply.
Selby noted that investor attention and capital flows 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 sign of structural weakness within the crypto sector.
He added that bitcoin has once again moved into the $50,000–$60,000 range, an area that has historically acted as a floor during pullbacks.
For now, the market remains in a familiar pattern: bitcoin holding above a key level it hasn’t lost in nearly two years, while altcoins continue to underperform. Selby identified $55,000 as the next support level, with $61,000–$62,000 as the resistance zone bulls need to reclaim, advising traders to manage risk 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-driven investments.
