Bitcoin traders say $58K is key as dip buyers help BTC recover 11%

Bitcoin (BTC) bounced back above $65,000 on Friday, up 11% from a 15-month low below $60,000.

Main Receptors:

Bitcoin will look to investors willing to “buy the dip” when the price finally drops to $60,000.

Traders have shifted their focus to $58,000 as Bitcoin's last line of defense.

Bitcoin drops to $59,000 and loses $1.1 billion.

Bitcoin prices fell to $60,000 on Thursday, erasing a 15-month high as investors piled in at lower levels.

This extended the decline to 50% from the all-time high of $126,000 reached on October 6, 2025, and was accompanied by significant liquidity in the bond market.

Related: Big Questions: Should You Sell Your Bitcoin in Nickels for a 43% Profit?

Data from monitoring resource CoinGlass shows nearly $2.6 billion worth of crypto liquidations in 24 hours. Bitcoin covered $1.1 billion in long liquidity.

Finally, Bitcoin dip-buyers will emerge

Binance's Secure Asset Fund for Uses (SAFU), which was established by Binance in July 2018 to protect users' assets, bought another 3,600 BTC worth $250 million in BTC for $65,000.

Last week, Binance announced its intention to convert $1 billion of SAFU reserves to Bitcoin within the next 30 days.

The first batch of 1,315 BTC, worth about $100 million, was purchased earlier this week, with $565 million more to convert.

Crypto hedge funds have been buying the dip, data from Bitwise shows.

Andre Dragoš, European head of research at Bitwise, said in a Friday post on X that overall market beta across all global crypto hedge funds hit a “2-year high” as bitcoin weakened.

“This will increase exposure to the $BTC market by global crypto hedge funds.”

Dragoš also noted that there was “a lot of dip buying” in U.S.-based Bitcoin ETFs, which recorded ETF volumes amid moderate net flows on Thursday.

200-Week MA: Bitcoin's Last Line of Defense?

BTC touched lows below $60,000, leaving traders wondering where Bitcoin might find a bottom.

“$BTC is testing previous cycle highs, and is only slightly bearish so far,” trader Jelle said in an XFriday post.

According to Jelle, Bitcoin needed to hold the key interest zone between $58,000 and $62,000 to avoid a deep correction.

“It's time to see if we start to establish a base here or if we're going to roll again.”

The $58,000 level is in line with the 200-day SMA, a key support level for the BTC price, MN Capital founder Michael Van de Pop said.

As Thursday's drop to $10,000 was the largest candlestick on record, “it's safe to assume we're at the bottom there for now,” Van de Pop added.

“If prices can go up a little bit, we'll see a big wick. As we always see with capital events.”

According to Cointelegraph, Bitcoin's demand zone now sits above $58,000, supported by historical trading volume and the 200-week moving average.