Bitcoin stabilised above $70 000 in Asia trading Monday following a roller-coaster ride at the end of last week.<\/p>\n
The original cryptocurrency briefly dipped as low as $69 991 early in Singapore but was holding around $70 700 at 9:30 am, almost unchanged from its open. The relative calm was in stark contrast to last week\u2019s wild swings that saw Bitcoin on Thursday plunge to $60 033, its lowest since October 2024, before rallying back above $70 000 on Friday.<\/p>\n
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\u201cCrypto markets have stabilised\u201d but \u201cthe market is still uncertain that the worst is over,\u201d said Caroline Mauron, co-founder of Orbit Markets. \u201c$60 000 is the main support on the downside. A break through $75 000 on the upside may signal the end of the bear market.\u201d<\/p>\n
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Extreme volatility is nothing new to cryptocurrencies, but Bitcoin\u2019s slump from a peak of $126,000 in October last year comes despite the backdrop of a crypto-friendly White House and surging institutional adoption. Its failure to act as a safe haven during a period of heightened geopolitical uncertainty has raised doubts that it functions as a kind of \u201cdigital gold.\u201d<\/p>\n
Still, in a tentative sign of returning optimism, US Bitcoin exchange-traded funds recorded inflows of $221 million on 6 February as investors sought to buy the dip following the market\u2019s dizzying selloff.<\/p>\n
\u201cThe mood in the crypto market today can best be described as guardedly constructive,\u201d said Sean McNulty, APAC derivatives trading lead at FalconX. \u201cSentiment at the moment is not overly bearish,\u201d he said, adding the turbulence last week has \u201cpurged speculative froth\u201d and left the market \u201ctrading on stronger fundamentals.\u201d<\/p>\n
Provided Bitcoin remains above its 200-week moving average of $58 000, which it bounced ahead of on Friday, \u201cthere is scope for the rebound to extend towards initial resistance at $73 000 to $75 000,\u201d said Tony Sycamore, a market analyst at IG Australia.<\/p>\n
\u201cA move above this level would open the way for the rebound to extend toward $81,000,\u201d he said.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
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