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

Bitcoin bounced above $65,000 on Friday, recovering about 11% from 15-month lows below $60,000 as institutional dip buyers stepped in. The rebound followed a slide to $59,000 on Thursday that liquidated roughly $1.1 billion in BTC longs and contributed to nearly $2.6 billion in crypto liquidations over 24 hours, with longs accounting for $2.15 billion.

Binance’s SAFU bought another 3,600 BTC, about $250 million, at roughly $65,000 per coin. Last week Binance said it would convert $1 billion of SAFU reserves into Bitcoin over 30 days; the first batch of 1,315 BTC, worth about $100 million, was bought earlier this week, leaving $565 million to convert.

Bitwise data showed crypto hedge funds increasing exposure, with aggregate market beta hitting its "highest level in 2 years," and record ETF volumes amid moderate net outflows suggested there were "lots of dip buying" by US-based spot Bitcoin ETFs, André Dragosch said.

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