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

Bitcoin (BTC) fell below $60,000 on April 17 as U.S. markets began trading, returning to prices last seen in early March before the digital currency rose to new heights.

The major cryptocurrency hit a low of $59,658 before recovering modestly to around $60,800 at press time, based on CryptoSlate data.

Bitcoin was holding on to support at $60,500 after selling pressure slowed, with bulls attempting a potential recovery above $61,000.

market chaos

The decline comes at a time of general market turmoil, with both Bitcoin and traditional stock markets showing signs of tension.

Bitcoin last fell to this level on March 5, before soaring to a record $73,780 on March 13. Since reaching that peak, BTC has experienced significant volatility. Since early April, it has traded in a huge range between $59,000 and $72,500.

Experts attribute the ongoing market volatility to a variety of macroeconomic issues, including persistent inflation in the United States. Likewise, major stock indexes such as the S&P 500, Dow Jones, and Nasdaq have all reported declines, reflecting broader economic uncertainty.

Adding to the cautious sentiment in the markets, Federal Reserve Chairman Jerome Powell said in a recent press briefing that the central bank may further delay expected interest rate cuts.

Chairman Powell noted that recent indicators have failed to strengthen confidence in the economy, suggesting a slower-than-expected recovery.

Altcoins mirror Bitcoin.

Ethereum (ETH) also briefly fell below $3,000, reaching a low of $2,914, before stabilizing at around $2,970 as of press time.

Meanwhile, BNB fell to a day’s low of $512, while Solana (SOL) hit $126.8 before both tokens recovered to around $525 and $130 as of press time.

With the Bitcoin halving event approaching this weekend, timing is important. This will reduce the block reward from 6.25 BTC to 3.125 BTC and could potentially impact Bitcoin value in the short term due to reduced supply pressure.

Investors are closely monitoring the impending halving, which is scheduled to occur between late Friday and early Saturday morning, an event that has historically triggered significant price movements.

As markets prepare for this momentous event, ongoing geopolitical and economic factors continue to cast a heavy shadow, suggesting that the cryptocurrency market’s notorious volatility is far from over.