Bitcoin stabilized above $70,000 after sharp price fluctuations
Kyiv • UNN
Bitcoin has solidified above $70,000 after falling to $60,033. Experts describe the situation as "cautiously constructive," and institutional investors continue to show interest.
The cryptocurrency market has shown signs of recovery after a period of extreme volatility, with Bitcoin's price experiencing sharp fluctuations within a ten-thousand-dollar range. During Asian trading on Monday, February 9, the asset solidified above the psychological mark of $70,000, giving investors hope for the end of the panic selling phase. This is reported by Reuters, writes UNN.
Details
The current stabilization came as a relief for traders after last week's events, when Bitcoin's price plummeted to $60,033 – its lowest level since October 2024. Despite a brief drop in trading in Singapore, the asset quickly returned to the $70,700 mark.
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Experts note that the market is still in a state of uncertainty, although the worst forecasts have not yet materialized.
Crypto markets have stabilized, but the market is still not convinced that the worst is over
According to her, the $60,000 level remains critical support. Analysts call the current situation "cautiously constructive," as recent turbulence has helped clear the market of excessive speculation.
Prospects for the recovery of digital gold
Despite falling from its all-time high of $126,000 last October, institutional investors continue to show interest in the asset.
In particular, on February 6, US Bitcoin ETFs recorded a net capital inflow of $221 million. This indicates that large players took advantage of the price drop to accumulate positions, despite discussions about the cryptocurrency's ability to act as a safe-haven asset during times of geopolitical instability.