Bitcoin bounces above $65,000 as dollar weakens and bullish hopes build
A broad uptick across tokens arrived alongside a softer greenback and a rally in Asian equities, though analysts remain split on whether the Feb. 5 lows will hold.
What to know:
Bitcoin rebounded to about $65,400 as a weaker U.S. dollar and a risk-on rally in Asian equities gave crypto markets their first solid bounce in weeks.
The broader crypto market is testing a potential double-bottom pattern that could imply roughly 10% upside if it holds, but a failure to rebound could trigger a further decline of about 25%, according to FxPro's Alex Kuptsikevich.
Despite gains in major tokens such as ether, solana and XRP, analysts describe a crisis of confidence in bitcoin after its nearly 50% slide from record highs and warn that real capitulation may still lie ahead.
Bitcoin
$65,548.59
reclaimed $65,400 early Wednesday as a weaker U.S. dollar and a risk-on tone across Asian equities gave crypto markets their first clean bounce in weeks.
The broader crypto market cap had slipped to $2.19 trillion earlier this week, practically retesting the lows hit during the Feb. 5 crash. That proximity is what makes the current move interesting.#BTC70K✈️ #write2earn🌐💹
