Bitcoin briefly slipped to around $58,000 before staging a rebound, with CF Benchmarks noting that the $50,000–$60,000 range has historically served as a key support area where buyers tend to re-enter.

Ahead of the weekend, ether, XRP, and dogecoin led a broad crypto downturn, posting steeper declines than bitcoin as a renewed selloff in tech stocks dragged global risk assets lower.

Ether dropped 5.6% over the past 24 hours to roughly $1,555, extending its weekly loss to 7.9%—the sharpest among major tokens, according to CoinDesk data. XRP fell 4.9% to $1.03, bringing its weekly decline to 8.5%, while dogecoin slipped 3.8% to $0.074, down 9.8% over the past seven days. Solana showed relative resilience at $68, edging down just 1.2% on the week.

Hyperliquid’s HYPE token lost 5.4%, while Tron stood out as the only gainer, 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 weakness was largely driven by macro factors rather than crypto-specific developments. Global equities slid to a two-week low after Apple shares fell 6.1% following price hikes across Macs, iPads, and home devices, raising concerns that rising costs could slow the AI-driven rally in chip stocks.

South Korea’s Kospi index dropped as much as 9%, triggering its second trading halt of the week, as SK Hynix and Samsung both declined more than 8%. Nasdaq 100 futures fell 1.5%, while Brent crude slipped below $74 per barrel, offering little relief despite a brief spike in supply concerns after an incident in the Strait of Hormuz.

Crypto-specific selling also played a role. According to CF Benchmarks’ head of research Gabe Selby, part of bitcoin’s decline was driven by large holders selling into a market that has been slow to absorb the added supply.

Selby noted that investor attention and capital have increasingly shifted toward AI-related assets, leaving crypto competing for a smaller share of overall risk appetite. He described the move as a broad market cooldown rather than a sign of structural weakness within crypto.

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 setup: bitcoin holding above a key level it hasn’t lost in nearly two years, while altcoins continue to underperform. Selby pointed to $55,000 as the next support level and $61,000–$62,000 as the 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 trades.