Bitcoin Recovers Most of the Previous Day's Losses; Experts Call It Typical Volatility
Bitcoin Recovers Most of the Previous Day's Losses; Experts Call It Typical Volatility
Bitcoin, which had been pushed to the brink of breaking below the $60,000 level, staged a sharp rebound in just one day and reclaimed the $70,000 mark.
According to U.S. cryptocurrency exchange Coinbase, as of 7:15 p.m. ET on the 6th, the price of one bitcoin surged 17% from 24 hours earlier to $70,244.
This marked the largest single-day gain since March 2023, about three years ago.
In effect, bitcoin recovered most of the losses from the previous day, when it had plunged to $60,000 and sent fear through the market.
However, the price remains about 17% lower than a week ago and roughly 25% below levels from a month earlier. Compared with the all-time high of $126,210.5 recorded on October 6 last year, it is still about 44% lower.
Experts noted that the sharp drop the day before and the rapid rebound were characteristic of typical cryptocurrency price volatility.
Anthony Scaramucci, founder of SkyBridge Capital, said on CNBC that day, calling the previous day’s plunge a “garden variety” correction, adding that “that’s the nature of Bitcoin.”
He stressed, “I’ve talked about Bitcoin for the past five years, but I have never called it an ‘inflation hedge,’ a ‘dollar substitute,’ or ‘digital gold,’” adding that “Bitcoin is still an early-stage technological asset.”
Anthony Pompliano, CEO of Professional Capital, also pointed out to Reuters that over the past decade Bitcoin has experienced roughly 50% drawdowns about every 18 months.
Joshua Chu, co-chair of the Hong Kong Web3 Association, said, “Bitcoin falling to $60,000 is not because crypto is coming to an end, but because funds that treated it as a one-way rising asset without risk management received their bill,” criticizing excessive bets such as leveraged trading.
Despite the day’s rebound, the market remains cautious.
Damien Loh, chief investment officer at Eriksen Capital, told Bloomberg that while “a strong support level has been confirmed around $60,000,” he added that “investment sentiment remains subdued, so one should not expect a sharp additional upswing.”
In the options market as well, bets with strike prices between $50,000 and $60,000 continued, signaling ongoing preparations for further declines.
Ethereum, the second-largest cryptocurrency, which had fallen to the $1,700 range the previous day, also recovered the $2,000 level, trading at $2,045 as of 7:15 p.m.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrency investments involve risk, and readers should conduct their own research.
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