Crypto Rebound Gains Pace: Bitcoin Above $60K, ETH and SOL Follow AI Stock Upswing

The token briefly slid to the $59,000 level before buyers stepped in, but the broader market continues to reflect sharp weekly declines. Despite a bullish forecast from Micron lifting equities and oil prices extending their drop, cryptocurrencies failed to track the recovery.

Digital assets faced heavy selling pressure this week, with bitcoin falling below $60,000 even as the tech stocks that had previously dragged it lower rebounded strongly.

Bitcoin dropped to around $59,200 late Wednesday before recovering to roughly $60,700 on Thursday. The asset remains down 2.9% over the past 24 hours and 5.4% on the week, according to CoinDesk data.

Major altcoins underperformed further. Ether fell 2.8% to $1,616, marking a 7.9% weekly loss. XRP declined to $1.07, down 9.2% over the same period, while Solana slipped to $68. Dogecoin and Hyperliquid’s HYPE led the losses, falling 11.9% and 11.7%, respectively. Tron was the only major token to post gains, rising 1.9% for the week.

Meanwhile, the AI-driven trade that had weighed on crypto earlier in the week reversed course overnight.

Micron, the largest U.S. memory chipmaker, surged about 15% after issuing a sales forecast that exceeded Wall Street expectations, reviving confidence in AI-related spending. Nasdaq 100 futures rose 1.8%, South Korea’s Kospi climbed as much as 6%, and Brent crude fell below $73 per barrel as oil flows resumed through the Strait of Hormuz.

Crypto’s weakness is increasingly driven by internal factors. The drop below $60,000 reflects ongoing outflows from U.S. spot bitcoin ETFs, a more hawkish Federal Reserve stance, and a U.S. dollar that has strengthened to a seven-month high, according to FxPro chief market analyst Alex Kuptsikevich.

A stronger dollar raises the cost of dollar-denominated assets like bitcoin for international investors and typically shifts capital away from riskier markets.

FxPro also highlighted a longer-term technical concern: bitcoin is trading near its 200-week moving average, a key trendline representing roughly four years of price history.

Previous declines to this level have led to extended periods of weakness rather than quick rebounds—lasting about nine months in 2015, six months in 2018, and roughly six quarters following the 2022 downturn. This pattern suggests the potential for a prolonged “crypto winter.”

In the near term, Kuptsikevich identified the $61,800–$62,000 range as a key test, where clustered orders could either support a rebound through short covering or act as resistance.

If support levels fail, $55,000 could emerge as a potential cycle bottom. He advised traders to focus on managing risk rather than attempting to predict market direction.

Attention now turns to upcoming U.S. inflation data, particularly the Federal Reserve’s preferred price gauge.

A stronger-than-expected reading would reinforce the Fed’s hawkish stance and a firm dollar, adding pressure on crypto. A weaker print could ease both. For now, crypto markets are no longer reacting to oil or geopolitical developments that dominated earlier in June, instead facing headwinds from ETF outflows and weak demand that equity market gains have yet to offset.