Bitcoin climbed back above the $70,000 mark on Friday, rebounding sharply after hitting a 16-month low earlier in the week, as technology stocks and precious metals recovered from a broad global selloff. The world’s largest cryptocurrency rose more than 11% on the day, briefly touching above $71,000 and posting its strongest one-day gain since March 2023.
The rebound came after bitcoin slid to around $60,000, its weakest level since October, reflecting months of pressure following a sharp downturn from last year’s peak. Market analysts described the move as a pause in the wider selloff across risk assets rather than a clear trend reversal. Despite Friday’s surge, bitcoin remained down roughly 8% for the week.
Caution persists among investors. Options market data showed rising demand for downside protection, with traders positioning for further declines toward the $60,000–$50,000 range later this month. Ether also rebounded strongly, gaining more than 12% on the day, though it too remained sharply lower on a weekly basis.
Even with the recovery, the global cryptocurrency market has lost about $2 trillion in value since its October peak, highlighting how sentiment has cooled amid volatility in equities and commodities. While some long-term investors argue such drawdowns are typical for bitcoin, the latest moves underscore growing focus on risk management as digital assets remain closely tied to swings in broader financial markets.
