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With renewed risk appetite in the cryptocurrency market, Bitcoin has approached the $70,000 level.
Ending a three-day losing streak, the leading cryptocurrency surged by up to 8.5% during the day, reaching approximately $69,500. This rise marked the strongest intraday increase since February 6th. Bitcoin last tested the $70,000 level on February 16th.
Ethereum, the market’s second-largest asset, also showed a strong performance, rising by approximately 12% to around $2,085. On the altcoin side, Solana gained about 13%, while XRP increased by 7%.
Caroline Mauron, co-founder of Orbit Markets, stated that the rise may have been caused by buying following a prolonged sell-off, adding that Bitcoin surpassing the $70,000 level could change the market narrative.
Globally, attention is focused on the technology giant. A limited recovery was observed in risky assets ahead of Nvidia’s earnings report, which is seen as a barometer, especially for AI-related stocks. A brief rally of relief occurred in the market after US President Donald Trump’s State of the Union address. However, it was noteworthy that Trump did not mention digital assets in his speech.
ZeroStack CEO Daniel Reis-Faria stated that while US-based demand remains weak, investors are turning to altcoins, and Bitcoin is now trading as part of a broader market system. He noted that volatility increases during periods of tighter liquidity, and that projects generating real returns are more resilient than assets that only rise through momentum.
However, the market remains cautious. Bitcoin has fallen almost 50% since its all-time high of around $127,000 seen in early October. Jake Ostrovskis, head of over-the-counter trading at Wintermute, stated that recent rallies shouldn’t be taken too seriously unless the price sustainably breaks above $75,000.
According to on-chain data provider Glassnode, approximately 9 million Bitcoins in circulation (45% of the total supply) are trading below investors’ cost. This situation weakens rallies as investors, who lose money on each rise, tend to sell.
FxPro’s chief market analyst, Alex Kuptsikevich, likened the current situation to 2022, noting the sharp decline followed by months of sideways movement and subsequent recovery. According to Kuptsikevich, a similar scenario might take time to reach new highs.
*This is not investment advice.