Bitcoin has just stormed back above the $70,000 psychological threshold, according to data provided by the Bitstamp exchange. It has managed to reach an intraday high of $70,224.
On Thursday, a cascade of institutional selling drove the price vertically down. Bitcoin pierced support levels to hit a wick low of approximately $60,000
However, the "V-shaped" recovery has been just as violent as the crash. Bitcoin has rallied over $10,000 from the lows in a matter of hours.
In fact, BTC is now on track to record the biggest one-day gain since March 13, 2023. This date marks the "SVB Crisis" rally. Following the collapse of Silicon Valley Bank, the Fed stepped in with the BTFP (Bank Term Funding Program). Bitcoin surged approximately 9.6% in a single day. Since then, there have been remarkably few single-day candles exceeding 10%.
However, it remains to be seen whether this recovery will be more than a dead cat bounce, and the bulls are definitely not out of the woods just yet.
Alex Dovbnya
Tomiwabold Olajide
Gamza Khanzadaev