Bitcoin climbed back above the $71,000 level on Thursday after a steep selloff earlier in the session briefly pushed prices below $70,000, tracking tentative stabilization across global markets.
The rebound came as a sharp downturn in technology stocks began to lose momentum. Nasdaq 100 futures edged higher following two heavy sessions that wiped out the index’s gains for the year, while European equities steadied and Asian markets pared losses.
Bitcoin had dropped as much as 7% over the prior 24 hours as investors cut exposure to risk assets tied to growth and leverage. The decline unfolded alongside renewed pressure in precious metals, where silver plunged as much as 17%, extending a sharp reversal from last month’s record highs. Gold also moved lower, highlighting how quickly speculative positions across markets have been unwound.
In crypto markets, analysts say the move back above $71,000 appears driven more by short covering than fresh buying. While trading volumes remain elevated, spot market demand has softened, suggesting limited conviction behind the rebound.
Further pointing to cautious positioning, stablecoin balances on exchanges have continued to drift lower, indicating that new capital is largely staying on the sidelines rather than stepping in aggressively on price dips.
Broader macro uncertainty continues to weigh on sentiment. Investors are reassessing expectations for US interest rates amid speculation around Federal Reserve leadership and the risk of a stronger dollar — dynamics that typically pressure assets such as bitcoin, which tend to perform best in periods of abundant liquidity.
Some firms remain cautious. Galaxy Digital has warned that, absent a clear catalyst, bitcoin could still revisit lower levels if selling pressure returns.
Others argue the bulk of the drawdown may already be behind the market, with some estimates pointing to a potential bottom in the low-to-mid $60,000 range.

More Stories
Bitcoin slips below $70,000 as crypto selloff intensifies ahead of the U.S. equity open.
Bhutan shifts bitcoin to trading firms and exchanges as BTC slides toward $70,000.
Bitcoin plunges below $70,000 on Bitstamp.