Bitcoin (BTC) rebounded above $65,000 on Friday, rising about 11% from 15-month lows below $60,000 as attention shifted to institutional dip buyers.
Key takeaways:
– Bitcoin dropped to $59,000 on Thursday, liquidating over $1.1 billion in BTC longs.
– Investors began “buying the dip” as prices fell below $60,000.
– Traders see $58,000 as the last line of defense for Bitcoin.
Bitcoin wiped out $1.1 billion longs on drop to $59,000
Bitcoin price fell as low as $60,000 on Thursday, erasing 15 months of bullish gains and extending the decline from the all-time high of $126,000 (Oct. 6, 2025) to roughly 50%. The move came with heavy derivatives liquidations.
Data from CoinGlass showed nearly $2.6 billion in crypto liquidations over 24 hours, with longs accounting for $2.15 billion. Bitcoin made up about $1.1 billion of the long liquidations.
Bitcoin dip-buyers finally emerge
Binance’s SAFU (Secure Asset Fund for Users) bought another 3,600 BTC — roughly $250 million at about $65,000 per BTC. Binance had earlier said it planned to convert $1 billion of SAFU reserves into Bitcoin over 30 days; the first 1,315 BTC (~$100 million) was purchased earlier in the week, leaving about $565 million to convert.
Crypto hedge funds also bought the dip. Bitwise data showed aggregate market beta across global crypto hedge funds hit its “highest level in 2 years” as Bitcoin weakened, signaling increased BTC exposure, European head of research André Dragosch said. He added that record ETF volumes amid moderate net outflows on Thursday indicated substantial dip buying by US spot Bitcoin ETFs.
200-week MA: Bitcoin’s last line of defense?
BTC’s drop below $60,000 prompted traders to look for a bottom. Trader Jelle noted Bitcoin was “testing the previous cycle highs” and said BTC needed to hold $58,000–$62,000 to avoid a deeper correction: “Time to see if we start basing here, or if we just roll over again.”
The $58,000 level aligns with the 200-day SMA, a key support level according to MN Capital founder Michael van de Poppe. Given Thursday’s $10,000 move was the largest volume candle on record, van de Poppe suggested it’s reasonable to assume the low may have been reached for now, adding that a modest rally would likely produce a large wick typical of capitulation events.
Cointelegraph noted Bitcoin’s demand zone now sits above $58,000, supported by historic transaction volume and the 200-week moving average.
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