Bitcoin Price Roars Above $71,000 After Days of Sell-Offs
Bitcoin rebounded sharply above $71,000 following a significant sell-off linked to broader market stress.Summary
The price of Bitcoin experienced a sharp rebound on Friday, climbing above $71,000 after suffering a steep sell-off over the preceding 24 hours, recovering $11,000 from its intraday low of $60,000. This volatility followed market deterioration on Thursday, where weak earnings and tech stock declines pushed investors toward safer assets, causing Bitcoin to dip to its lowest point since late 2024 and wiping out over $1 billion in long positions through forced liquidations. The recovery spurred significant gains in crypto-related stocks, with MicroStrategy ($MSTR) up 21% and various mining and exchange stocks rising between 10% and 21%. The iShares Bitcoin Trust (IBIT) also saw massive trading volume during the drop, though its price fell 13%. At the time of reporting, Bitcoin was trading at $70,661.
(Source：Bitcoin Magazine)