Bitcoin climbed back above $65,000 on Friday, rallying roughly 11% from 15-month lows below $60,000 as institutional dip-buying helped stabilize prices.
Summary
– Bitcoin plunged to about $59,000 on Thursday, triggering more than $1.1 billion in long liquidations on BTC positions.
– Buyers began stepping in as prices slipped under $60,000, driving a short-term rebound.
– Market participants cite roughly $58,000 as a critical support range to prevent a deeper correction.
Liquidations and the sell-off
Thursday’s decline erased much of the prior bullish run, pushing BTC down to near $60,000 and extending the drop from the October 6, 2025 all-time high of $126,000 to about 50%. Derivatives data from CoinGlass showed nearly $2.6 billion in crypto liquidations across 24 hours, with long positions accounting for about $2.15 billion of that total. Bitcoin itself represented roughly $1.1 billion of the long liquidations.
Institutional and ETF-related dip buying
Institutional buyers and large funds were active as the market weakened. Binance’s SAFU (Secure Asset Fund for Users) reportedly added another 3,600 BTC—about $250 million at roughly $65,000 per coin. Binance had previously said it would convert $1 billion of SAFU reserves into Bitcoin over 30 days; an initial 1,315 BTC (around $100 million) was bought earlier in the week, leaving the remainder of that allocation to be converted.
Crypto hedge funds also increased exposure. Bitwise data showed aggregate market beta across global crypto hedge funds reached its highest level in two years during the pullback, signaling elevated BTC allocations, according to André Dragosch, Bitwise’s European head of research. He also noted that strong ETF trading volumes, despite moderate net outflows on Thursday, were consistent with substantial dip buying by U.S. spot Bitcoin ETFs.
Key support: $58,000 and major moving averages
Traders searched for a bottom after the drop. Analyst Jelle observed Bitcoin was “testing the previous cycle highs,” and said BTC needed to hold roughly $58,000–$62,000 to avoid a deeper correction: “Time to see if we start basing here, or if we just roll over again.”
That $58,000 area corresponds to important long-term technical levels cited by market analysts. MN Capital founder Michael van de Poppe flagged the level near the 200-period moving average as significant, and Cointelegraph pointed out that the demand zone sits above $58,000, supported by historical transaction volume and long-term moving averages (including the 200-week MA). Van de Poppe also noted that Thursday’s roughly $10,000 intraday move produced the largest volume candle on record, a signature often seen in capitulation events, suggesting the low could be in for now and that any rally might include large wicks.
Outlook and risk
The rebound shows buying interest at lower prices, particularly from institutional players, but traders remain watchful of the $58,000 area as a potential last line of defense. Continued volatility is possible, and market direction will depend on whether these support levels hold and whether institutional demand persists.
This article is for informational purposes only and does not constitute investment advice. All trading and investment decisions carry risk; readers should conduct their own research and consider their risk tolerance before acting.