Bitcoin Rebounds From Last Week’s $62K Dip, Consolidating Nearly $70K After a Long Liquidation

Bitcoin recovered from Friday’s low of $62,500 to consolidate at $70,000 after a sharp sell-off washed away a large chunk of leveraged long positions and eased downward pressure. The cryptocurrency was trading at $70,839.Over the past 24 hours, Bitcoin rose 2.17%, while Ethereum was flat, declining marginally by 0.02%. Among the major altcoins, XRP, Tron, Cardano and Hyperliquid rose more than 3%, while BNB, Solana and Dogecoin fell up to 1%. According to CoinMarketCap, the global crypto market capitalization rose 1.62% to $2.41 trillion.

Also read | Silver ETFs have returned a XIRR of 62% since launch, surpassing the 42% of gold ETFs. Do allocation strategies need to change?CoinSwitch Markets Desk said as the forced selling faded, dip buyers stepped in, triggering a recovery. As the downward selling pressure subsided, Bitcoin was able to move higher into zones where a large number of short positions were concentrated between $66,000 and $70,000.Meanwhile, the CoinDCX Research Team said that after recovering from the lows, bullish sentiment appears to be less confident about the next price move. This has kept cryptocurrencies within a tight consolidation range while market sentiment is still in extreme fear, potentially slowing the pace of recovery.

Over the past week, Bitcoin and Ethereum fell 5.66% and 5.57% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin and Cardano fell by up to 14%, while Hyperliquid rose by 6.81%.

According to market analysis by Vikram Subburaj, CEO of Giottus, crypto markets have remained stable after a volatile start to February, with Bitcoin consolidating as macro uncertainty continued to dominate risk sentiment. Historically, such conditions have tended to limit rallies as investors use rebounds to reduce exposure rather than add new risk, while using instruments such as crypto SIPs to gradually accumulate Bitcoin, Subburaj added.Market perspective

Nischal Shetty, Founder, WazirX

Crypto’s trajectory is largely focused on global macro movements, such as growth concerns and interest rate prospects, with looming uncertainty as investors continue to shift money into risky assets. In India, user behavior is shifting from pure speculation to broader use cases as global crypto sentiment witnesses an undercurrent from viewing crypto as “just an asset class” to the broader utility of crypto.

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Riya Sehgal, Research Analyst, Delta Exchange

After a prolonged sell-off, the cryptocurrency market is showing tentative signs of stabilization. Market sentiment, while improving, is still dominated by fear, and any failure to hold key support levels, $68,500 for Bitcoin and $1,880 for Ethereum, could reignite bearish momentum. Speculation around possible US government interest in building a digital asset reserve has boosted confidence, but without confirmation the rally could quickly fade away.

Akshat Siddhant, Chief Quantitative Analyst, Mudrex

The market is still cautious and a short-term pullback remains possible. Ethereum, on the other hand, is showing stronger signs of recovery after regaining and holding the $2,000 level. For Bitcoin, a positive short-term outlook depends on a sustained move above $71,000. Until then, prices can continue to move within certain limits.