Bitcoin is barely holding on to $60,000 as bears retest March lows

Bitcoin (BTC) fell below $60,000 on April 17 as US markets opened, marking a return to prices last seen in early March before the digital currency rallied to new highs.

The flagship cryptocurrency touched a low of $59,658 before recovering slightly to around $60,800 at press time, according to fromcrypto data.

Bitcoin held at the $60,500 support level after the selling pressure slowed, with bulls eyeing a potential rally above $61,000.

Turbulence in the market

The drop comes amid general market turbulence, with both bitcoin and traditional stock markets showing signs of strain.

Bitcoin last fell to these levels on March 5, just before it skyrocketed to a record high of $73,780 on March 13. Since reaching this peak, BTC has seen significant swings, trading in a massive range between $59,000 and $72,500 since early April.

Experts attribute continued market volatility to various macroeconomic issues, including persistent inflation in the United States. Similarly, key stock indexes such as the S&P 500, Dow Jones and Nasdaq were all reported lower today, reflecting broader economic uncertainty.

Adding to the cautious market sentiment, Federal Reserve Chairman Jerome Powell said at a recent press briefing that the central bank could further delay the expected rate cut.

Powell noted that recent data did not boost confidence in the economy, suggesting a slower-than-expected recovery path.

Altcoins mirror Bitcoin

Ethereum (ETH) also saw a decline, briefly falling below $3,000 to a low of $2,914 before stabilizing around $2,970 at press time.

Meanwhile, BNB fell to today's low of $512, while Solana (SOL) hit $126.8 before the two tokens recovered to around $525 and $130 at press time.

The timing is critical as Bitcoin approaches its halving event this weekend, which will reduce the block reward from 6.25 BTC to 3.125 BTC, potentially affecting the value of Bitcoin in the short term due to reduced supply pressure.

Investors are closely watching the impending halving, which is set to take place between late Friday and early Saturday, as the event has historically triggered significant price moves.

As the market prepares for this major event, ongoing geopolitical and economic factors continue to cast a wide shadow, suggesting that the crypto market's infamous volatility is far from over.