Bitcoin (BTC) rises 3% to above $65,000 after touching 16-month low

World's largest cryptocurrency Bitcoin (BTC) is reportedly witnessing a bounce-back after falling to $60,000, the lowest in 16 months.

Bitcoin's restabilising is reportedly driven by global technology stocks showing signs of reviving. These tech stocks had eliminated risky bets across asset classes earlier this week, Reuters reported.

Earlier on Friday, BTC jacked up 3.3% to rise to $65,198.20, recovering from a low of $60,008.52 earlier in the session.

Despite this rebound, BTC is close to its weakest level since October 2024, a month before US President Donald Trump won the presidential election, followed by his vocal support for cryptocurrency.

"Bitcoin's been declining since October 2025; you might wonder if it was the canary in the coalmine or just a coincidence," remarked Chris Weston, the head of research at brokerage Pepperstone in Melbourne. "Many of these large, crowded positions are being unwound very quickly."

Like BTC, Ether also rose around 4% and reached $1,919.37 after it approached a 10-month low of $1,751.94 earlier.

In the aftermath of the recent downtrend, the global crypto market lost approximately $2 trillion in value since hitting a peak of $4.379 trillion in October 2025, with over $1 trillion wiped out in January alone.

This week, BTC was observed by industry analysts to be closing on losing 15%, bringing its year-to-date losses to 26%. Meanwhile, Ether was facing a weekly decline of 16%, with losses nearing 36% this year, as investor sentiment was affected by recent sell-offs in precious metals and stocks. Fortunately, the investor confidence regained momentum on Friday.

Joshua Chu, the co-chair of the Hong Kong Web3 Association, noted that Bitcoin moving towards $60,000 reflected market volatility and the need for real risk management in crypto investments.