Bitcoin Price Rebounds to $70K Amid Market Recovery
- Bitcoin price increased by 3% to reach $70,000 before settling at $69,589.
- The total crypto market cap rose by $120 billion, reflecting a gain of 3.44% in the last day.
- Spot Bitcoin ETFs saw net inflows of $15.20 million on February 13, with Fidelity’s FBTC leading at $11.99 million.
- The Fear & Greed Index improved from a reading of 8 to 11, indicating a slight shift from “Extreme Fear.”
- Technical indicators show Bitcoin’s daily range between $68,730 and $70,560, suggesting recovery after early February corrections.
The recent rebound in Bitcoin’s price is part of a broader market recovery following significant selling pressure earlier this month. Analysts have noted that Bitcoin’s price movements are sensitive to market sentiment shifts and technical signals.
As Bitcoin holds near the $68,000 to $70,000 zone during this rebound, its correlation with gold suggests it is viewed as an inflation hedge by traders.(Source)
