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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...
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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.
Coinbase stock one-week chart. Source: Cointelegraph/TradingView
In its latest analysis, trading company QCP Capital stressed the influence of US inflation trends on risk assets going forward.
As Cointelegraph reported , the May print of the Personal Consumption Expenditures (PCE) index, known as the Federal Reserve’s “preferred” inflation gauge, recorded its highest year-on-year increase since mid-2023.
“Core PCE is nowcast at 3.30%, while headline PCE is nowcast at 3.82%, both still above target,” QCP wrote.
US PCE Index one-month % change (screenshot). Source: Bureau of Economic Analysis
Looking at the short term, crypto trader and analyst Michaël Van de Poppe asked whether BTC price action would continue its downward trend.
Related: BTC price four-year trend calls for $76K as analysis says Bitcoin 'not broken'
“It's an interesting day for Bitcoin,” he told X followers, noting the upcoming quarterly options expiry event.
Van de Poppe drew attention to the performance of Strategy , the company with the world’s largest Bitcoin treasury, and its Bitcoin funding vehicle, Stretch (STRC).
“In all honesty, the fact that STRC has seen a relatively big drop yesterday and Bitcoin essentially stalled at $60,000 is not a weak signal. Other than that, there's a bullish divergence on the daily timeframe, which is still far from confirmed,” he continued.
BTC/USD one-day chart with 200-week SMA. Source: Cointelegraph/TradingView
The trend line in question, the 200-week simple moving average (SMA), stood at $62,243 at the time of writing.
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