Bitcoin Traders Say $58K is Key as Dip-Buyers Help BTC Rebound 11%

Bitcoin (BTC) rebounded above $65,000 on Friday, up 11% from 15-month lows beneath $60,000, as focus shifted to institutional dip patrons.

Key takeaways:

• Bitcoin lastly sees buyers who’re prepared to “purchase the dip” as costs dropped to sub-$60,000 ranges.

• Traders have shifted their focus to $58,000 as the final line of protection for Bitcoin.

Bitcoin wipes 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 beneficial properties as buyers accrued extra at decrease ranges. 

This prolonged the drop from its all-time high of $126,000 reached on Oct. 6, 2025, to 50% and was accompanied by huge liquidations throughout the derivatives market.

Associated: Big questions: Should you sell your Bitcoin for nickels for a 43% profit?

Knowledge from monitoring useful resource CoinGlass confirmed crypto liquidations over 24 hours nearing $2.6 billion, with longs accounting for $2.15 billion. Bitcoin accounted for $1.1 billion in lengthy liquidations.

Bitcoin dip-buyers lastly emerge

Binance’s Safe Asset Fund for Customers (SAFU), an insurance coverage fund established by Binance in July 2018 to guard customers’ property, purchased one other 3,600 BTC price $250 million at about $65,000 per BTC.

Final week, Binance introduced its intention to convert $1 billion SAFU reserves into Bitcoin over the subsequent 30 days.

The primary batch of 1,315 BTC, worth about $100 million was purchased earlier this week, leaving $565 million extra to be transformed.

Crypto hedge funds have additionally been shopping for the dip, information from Bitwise reveals.

The combination market beta throughout all international crypto hedge funds hit its “highest stage in 2 years” as Bitcoin weakened, European head of analysis at Bitwise André Dragosch said in a Friday put up on X, including:

“This indicators growing $BTC market publicity by international crypto hedge funds.”

Dragosch additionally stated that record ETF volumes amid average web outflows on Thursday instructed that there “had been plenty of dip shopping for” by US-based spot Bitcoin ETFs as nicely.

200-week MA: Bitcoin’s final line of protection?

BTC touched lows beneath $60,000, leaving merchants to query the place Bitcoin was prone to discover a backside.

“$BTC is testing the earlier cycle highs, and bouncing barely to date,” said dealer Jelle in a Friday put up on X. 

In accordance with Jelle, Bitcoin was required to carry a key space of curiosity between $58,000 and $62,000 to keep away from a deeper correction.

“Time to see if we begin basing right here, or if we simply roll over once more.” 

The $58,000 stage coincides with the 200-day SMA, a key assist stage for BTC worth, in accordance with MN Capital founder Michael van de Poppe.

On condition that Thursday’s $10,000 drop was the largest volume candle on record, the “assumption will be made that we hit the low there, for now,” van de Poppe said, including: 

“If costs can rally up barely, we will see a big wick. Like we all the time see with capitulation occasions.” 

As Cointelegraph reported, Bitcoin’s demand zone now sits above $58,000, supported by historic transaction quantity and the 200-week transferring common.