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Bitcoin, the leading cryptocurrency by market capitalization, has staged a sudden comeback by reclaiming the pivotal $67,000 level.
The crypto king reached an intraday high of $67,260 on the Bitstamp exchange earlier today. It has added more than $2,000 since reaching the intraday low of $65,066.
More than $31 million worth of short positions have been liquidated over the past four hours, according to CoinGlass data.
The V-shaped recovery was largely due to the strength of the US stock market. The S&P 500 index is up by more than 1%. Earlier today, Nvidia (NVDA) hit a new record high while securing a bullish price call from Susquehanna Financial Group.
Last week, Bitcoin investment products saw a whopping $621 million worth of outflows, according to a recent report by CoinShares. The poor performance of these products became a major bearish catalyst this Monday. Moreover, slightly hawkish comments that were recently made by US Federal Reserve Chair Jerome Powell spooked some investors who were expecting a more dovish tone.
At the same time, Bitcoin has seen its share of bullish adoption news. Last week, it came to light that telecommunication giant Deutsche Telekom would start mining the largest cryptocurrency.
For now, the largest cryptocurrency is likely to remain range-bound due to uncertainty surrounding the Federal Reserve’s rate-cutting plans.
Despite recent ups and downs, Bitcoin’s 30-day realized volatility is now nearing historic lows, according to Alex Thorn, head of research at Galaxy Digital.
The leading cryptocurrency is now outperforming Ethereum on a year-to-date basis.
