BTC price news: Bitcoin back up above $71,000

Bitcoin reclaimed the $71,000 level on Thursday after an earlier selloff briefly pushed prices below $70,000, coinciding with a pause in the rout affecting global technology stocks. Analysts suggest this rebound is primarily driven by short covering rather than fresh buying interest, noting that spot demand is soft and stablecoin balances on exchanges are decreasing, indicating caution among new investors. The prior sharp decline in Bitcoin occurred alongside significant drops in precious metals like silver, as investors reduced risk across growth and leverage-sensitive assets. Macro uncertainty, particularly regarding US interest rate expectations and the potential for a stronger dollar, continues to pressure sentiment. While some firms remain cautious about a potential revisit to lower levels without a clear catalyst, others believe the market drawdown is largely over, anticipating a bottom near the low-to-mid $60,000 range.

(Source：CoinDesk)