Bitcoin (BTC) Stages a Sudden Comeback by Reclaiming the Pivotal $67,000 Level

The crypto king reached an intraday high of $67,260 on the Bitstamp exchange earlier today.

Bitcoin price staged a sudden comeback on Tuesday morning (UTC time) by reclaiming the pivotal $67,000 level.

BTC price reached an intraday high of $67,260 on the Bitstamp exchange earlier today. It has added more than $2,000 since reaching the intraday low of $65,066.

The V-shaped recovery was largely due to the strength of the US stock market. The S&P 500 index is up by more than 1%. Earlier today, Nvidia (NVDA) hit a new record high while securing a bullish price call from Susquehanna Financial Group.

However, the crypto king encountered some selling pressure at the key resistance level. BTC price dropped to a low of $66,700 before staging another mini-comeback.

At the time of writing, BTC price is trading around $66,900, up by 0.5% over the past 24 hours.

Bitcoin Investment Products See Outflows

According to a recent report by CoinShares, Bitcoin investment products saw a whopping $621 million in outflows last week.

The poor performance of these products became a major bearish catalyst this Monday. Moreover, slightly hawkish comments that were recently made by US Federal Reserve Chair Jerome Powell spooked some investors who were expecting a more dovish tone.

Deutsche Telekom to Mine Bitcoin

At the same time, Bitcoin has seen its share of bullish adoption news. Last week, it came to light that telecommunication giant Deutsche Telekom would start mining the largest cryptocurrency.

For now, the largest cryptocurrency is likely to remain range-bound due to uncertainty surrounding the Federal Reserve’s rate-cutting plans.

Bitcoin 30-Day Realized Volatility Nearing Historic Lows

Despite recent ups and downs, Bitcoin’s 30-day realized volatility is now nearing historic lows, according to Alex Thorn, head of research at Galaxy Digital.

The leading cryptocurrency is now outperforming Ethereum on a year-to-date basis.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-stages-sudden-comeback-reclaiming-pivotal-level.html

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