Bitcoin rose about 12% in a single day to reclaim the $70,000 level, even as market sentiment remained in Extreme Fear territory and roughly $2 billion in leveraged positions were liquidated.

Notable Statistics:

• Coinglass data shows 418,215 traders were liquidated in the past 24 hours for $1.93 billion.
• SoSoValue data shows net outflows of $434.2 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net outflows of $80.8 million.
• In the past 24 hours, top gainers include XDC Network, XRP and Hedera.

Notable Developments:

• Bitcoin’s ‘Infinite’ Paper Supply — Not Wall Street — Is The Real Problem, Says Analyst
• Bitcoin Could Bounce From 50% Crash — Here’s What Record Layoffs Just Changed
• ‘No Reasonable Scenario’ Forces Strategy To Sell Bitcoin As $440 Target Stands: TD Cowen
• Cardano Founder Lost $3 Billion But Won’t Sell—’I Don’t Care If I Lose It All’
• ‘I’ll Buy 100% Guaranteed,’ Says Trader — If Bitcoin Reaches $40,000 Or Major Political Shock Unfolds
• Anthony Scaramucci Points To $193 Million War Chest As Catalyst For Chuck Schumer’s Crypto Push: ‘Money Talks’
• How Low Can Bitcoin Fall This Month? Prediction Markets See BTC Touching A Level Which Michael Burry Says Will Make Miners ‘Bankrupt’

Trader Notes: Trader Altcoin Sherpa expects short-term Bitcoin bounces in the coming days but cautions against assuming a full recovery. He noted Bitcoin can rally 20%–30% and still roll over, as seen in August 2024 and March 2025, adding that a strong bounce alone does not confirm a trend reversal.

Crypto analyst Kevin said Bitcoin is seeing a sharp counter-trend snapback from a higher-timeframe "golden pocket," likely fuelled by late short liquidations. He added that rallies within broader downtrends can be aggressive and last days or even weeks, creating favourable volatility for short-term traders. The key resistance ahead sits in the $70,000–$75,000 range.

Trader KillaXBT highlighted that Bitcoin rebounded strongly from the $60,000 lows, an area that previously served as the base of a six-month accumulation zone and held multiple times. He said the critical test now lies between $70,000 and $76,000, a former support-resistance zone that would signal re-acceptance into the prior range if reclaimed.

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