Bitcoin is attempting a fragile recovery after Wednesday’s steep flush. The token clawed back from $58,115 and now trades near $59,852, down 2.72% over 24 hours. This marks the deepest pullback since October 2024.
Support holds at $59,000, with the next major floor near $55,000. A confirmed daily close below $59,000 opens the path toward $52,000–$55,000. Resistance sits at $61,800–$62,000, then $63,000, with the 21-day EMA acting as a ceiling above.
Giving the market overview, Akshat Siddhant, Lead Quant Analyst at Mudrex, stated, “Bitcoin fell to 21-month lows of $58,000 as US PCE inflation came in at three-year highs, triggering a fresh sell-off despite BTC’s recovery toward $61,000. The sharp decline led to nearly $600 million in crypto liquidations within an hour, accelerating downside momentum.
He further said, Markets are also preparing for a $10 billion options expiry, which could increase short-term volatility. While spot Bitcoin ETFs continue to see outflows, the pace has slowed significantly from about 4,400 BTC per day to around 625 BTC, suggesting selling pressure may be easing. Until a stronger positive catalyst emerges, $56,000 remains the key support level. A break below that level could lead to further weakness.”
Piyush Walke, Derivatives Research Analyst at Delta Exchange, noted, ” slipped below the key $60,000 mark, falling to around $58,066 amid a sharp market sell-off, hovering near its lowest level of the year. The drop came after the Federal Reserve’s preferred inflation measure rose to its highest level since 2023, raising concerns that rate hikes could stay on the table longer.
Significant ETF outflows added another reason for the decline. After $59,000, the next major higher-timeframe support is around $55,000. The Bollinger Bands are expanding, indicating increasing volatility. On the upside, Bitcoin needs to reclaim $60,000 to signal any potential recovery. Until then, bearish pressure is likely to remain intact, keeping the overall trend biased to the downside.”
He further noted on Ethereum, “Ethereum is approaching the critical $1,500 level, which warrants caution. A decisive break below $1,500 could accelerate selling pressure toward the $1,440 zone. The $1,650–$1,680 range is now the key resistance area for any bullish recovery.”
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According to the WazirX Market Desk, “Bitcoin is trading near $58K, while Ethereum is around $1,525, with both assets facing short-term pressure after stronger-than-expected US inflation data prompted a cautious market response. Higher inflation expectations and long liquidations weighed on sentiment, though the market continues to watch key support levels for signs of stability.
They also mentioned that in the altcoin market, Jito (JTO) surged over 40% in 24 hours. Meanwhile, blockchain adoption continued to advance, with Japan’s JPYSC, a yen-backed stablecoin, set to support institutional settlements.”
Meanwhile, the CoinSwitch Markets Desk added, “BTC dipped near $58K before recovering back toward $60K. Part of the pullback came from whales selling sizable holdings, putting more supply into a market that’s been slow to soak it up.
A lot of investor attention and new money have been flowing into AI plays lately, which leaves crypto fighting for a smaller slice of overall risk appetite. Most see this as a wider market cooldown rather than anything broken in crypto itself. Investors can keep an eye on $55K as support and $61K–$62K as the level to reclaim.”