Bitcoin risked turning $60,000 into resistance as BTC price weakness persisted following another tech-driven sell-off in Asian stock markets.
Bitcoin (BTC) struggled to reclaim $60,000 on Friday amid continued global market volatility.
Data from TradingView showed that prior support was increasingly becoming the bulls’ new hurdle after Bitcoin’s first sub-$60,000 daily close since September 2024.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Asia stock markets saw more downside on the day, with South Korean circuit-breakers kicking in on a new 8% crash.
Like on Tuesday, US stocks managed to avoid contagion, with the S&P 500 and the Dow Jones in the green at the time of writing.
S&P 500 one-day chart. Source: Cointelegraph/TradingView
Surrounding the weakness, tech-stock performance remained a popular talking point. Earlier, Micron Technologies boosted the mood with stronger-than-expected earnings data.
Trading resource The Kobeissi Letter suggested that a broader bullish turnaround could already be due.
“Most people do not realize how many tech giants are already deep bear market territory,” it wrote in a post on X.
Kobeissi noted that many major tech companies were already down more than 50% versus their all-time highs, with crypto exchange Coinbase leading at -69%.
“The S&P 500 won't tell you this,” it added.
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