Bitcoin has rebounded from a lengthy downtrend, aided by Nvidia’s strong earnings and cautious optimism after President Trump’s address. Intraday, the price rose above the $68,000 level, peaking near $69,987, marking one of the sharpest single-day gains in months.
The rally was accompanied by notable gains in other major coins, with Ethereum up around 13% and Solana around 16%, signaling a broad-based risk-on sentiment among crypto assets. However, traders remain cautious, with some noting that a genuine reversal would be confirmed only after bitcoin clears the $75,000 threshold.
A broader market perspective shows that about 6% of Bitcoin in circulation remains underwater, a dynamic that can weigh on momentum as traders attempt to recoup losses on rallies. Still, institutional infrastructure remains largely intact, and flows into the Bitcoin ETF space point to resilient interest from large holders.
Industry observers also highlight that none of the major crypto players collapsed during this downturn, underscoring the sector’s evolving resilience. Moreover, top ETF holders have continued to allocate to Bitcoin, suggesting that institutions are not exiting the asset despite near-term volatility. Fundamental factors such as the ongoing halving-induced supply restraint and long-term holding by institutions are expected to support upside when demand fully returns.
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