According to data provided by the Bitstamp exchange, Bitcoin has rebounded sharply above the psychological threshold of $70,000. It managed to hit an intraday high of $70,224.
$BTC/USD by TradingView”>
A series of institutional sell-offs pushed prices vertically lower on Thursday. Bitcoin breaks through the support level and hits a low of around $60,000.
But the “V-shaped” recovery was just as violent as the crash. Bitcoin recovered more than $10,000 from its lows in a matter of hours.
in fact, $BTC is currently on track to post its biggest single-day increase since March 13, 2023. This day marks the rise of the “SVB crisis”. After the failure of Silicon Valley Bank, the Fed intervened with the BTFP (Bank Term Funding Program). Bitcoin rose about 9.6% in one day. Since then, there have been very few daily candlesticks above 10%.
However, it remains to be seen whether this recovery will be more than a dead cat rebound, and it is clear that the bulls are not out of the woods yet.
