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Bitcoin approaches $69,000 amid stock market rebound
Over the past 24 hours, the leading cryptocurrency has gained 6%. At the time of writing, the asset is trading around $68,400.
Hourly $BTC/$USDT chart on Binance. Source: TradingView.
The broader market followed the flagship asset. Ethereum rose 10% to $2,000. The biggest jump — 12% — was recorded by Solana, climbing to $87.
Source: CoinGecko.
Liquidations totaled $444 million over 24 hours, with the majority coming from short positions — $50 million.
Source: CoinGlass.
The rebound coincided with a recovery in the U.S. stock market, led by technology and AI-related stocks. The Nasdaq Composite gained 1.15%, the S&P 500 rose 0.7%, and the Dow Jones Industrial Average added 0.4%.
Crypto-related stocks also advanced: Coinbase shares climbed 13%, while Strategy gained 8%.
Return of U.S. buyers
For the first time since mid-January, the Coinbase Premium Index returned to positive territory. It is considered an important indicator of U.S. capital inflows, institutional activity, and overall market sentiment, according to analyst Darkfost.
Renewed interest from U.S. participants is also reflected in Bitcoin ETF data. On February 24, the instruments attracted more than $257 million — the highest figure since early February.
Source: SoSoValue.
Bullish divergence
Analyst and trader Michaël van de Poppe highlighted a strong bullish RSI divergence forming on the daily Bitcoin-to-gold chart.
“The signal is not yet confirmed, but given Bitcoin’s recent strength (today and yesterday), a slight rotation appears to be starting. It’s about time,” he wrote.
Another analyst, Satoxis, pointed to reduced selling pressure. According to him, the sell-side order book in the $BTC/$USDT pair has largely flattened, with major sell walls disappearing.
Previously, each attempt to reclaim key levels was capped by a block of 888 BTC on the ask side, limiting upward movement.
Alex Thorn of Galaxy Digital also stated that “the worst Bitcoin pain is likely behind us.” The price is near the 200-week moving average and realized price, more than half of coins are underwater, and RSI has reached historical capitulation-bottom levels — all suggesting a potential reversal may be near.
However, he warned that forming a cycle bottom is a lengthy process. The market could enter an extended period of sideways movement without a clear direction.
If stock indices turn downward again, this would likely pressure cryptocurrencies as well. Moreover, investor apathy persists, and fundamental growth catalysts have yet to emerge.
See also: "Cardano cryptocurrency rises 10% in bullish rally"
