Bitcoin price today: World’s largest cryptocurrency Bitcoin on Thursday moved towards the $70,000 level, breaking a three-day losing streak as investor appetite returned amid modest gains in stocks and an improved sentiment thanks to Nvidia’s stellar Q4 results.
At the time of writing, Bitcoin climbed 3.49% over the past 24 hours to $68,441.44, according to data from CoinMarketCap. Trading volume also rose over 29% to $53.38 billion on improved investor sentiments fueled by gains in technology stocks.
In New York trading, Bitcoin marked its biggest gain since 6 February, rising as much as 9.3% to $69,987 as technology stocks led a tentative rebound across risk assets. The major digital asset last stayed at the $70,000 level on 16 February.
However, hours later, the cryptocurrency weakened in Asia trading falling as much as 1.9% to about $67,600, a far cry from its October peak above $126,000 and a $1 trillion market fall.
Ether, the second-largest cryptocurrency in the world, rose over 7.5% in 24 hours at $2,054.07, data from CoinMarketCap showed.
Smaller tokens like Solana also jumped nearly 8% to $88.66 over the past 24 hours, while memecoin Dogecoin increased by 7% to $0.1009.
Why is Bitcoin rising today?
The rise of Bitcoin near the $70,000 levels reflects a dip-buying behavior after an extended period of selloffs, analysts say, but its fall hours later is just a crisis of confidence among investors.
“The move higher likely reflects some dip-buying behavior after the extended selloff,” Caroline Mauron, co-founder of Orbit Markets, was quoted as saying by Bloomberg. Bitcoin reaching the $70,000 mark will change the narrative, the analyst added.
The subsequent fall is insignificant, according to Gautam Chhugani, senior analyst of global digital assets at Bernstein.
“The current Bitcoin price action is a mere crisis of confidence. Nothing broke, no skeletons will show up,” he wrote.
Bitcoin has been cut almost in half since its October high.
“The Bitcoin bear case is the weakest in its history,” Chhugani said, adding that he expects the token to reach $150,000 in 2026.
A modest Bitcoin rally was recorded after a benign State of the Union address from US President Donald Trump. Nvidia’s fourth-quarter earnings also boosted the cryptocurrency as a slump in technology stocks ended.
An initial uptick in cryptocurrencies came alongside a rise in equities as Trump defended his economic records. A Supreme Court decision invalidating his ability to use emergency powers to impose so-called reciprocal tariffs — a key policy initiative — contributed to a plunge in crypto prices earlier this week, after Trump invoked a different authority to say he would impose 15% global tariffs.
However, Trump, who returned to the White House with a pro-cryptocurrency approach last year, did not mention it in his speech.
The industry mood remains cautious. On 5 February, Bitcoin tumbled around 13%, the most in nearly four years.
Investors should avoid reading too much into the recent gains “after such a large drift lower,” said Jake Ostrovskis, head of over-the-counter trading at Wintermute, adding that until the token is back over $75,000 it’s “hard to see many taking it seriously.”
Key Takeaways
- Bitcoin’s recent rise is influenced by favorable earnings reports from tech companies, particularly Nvidia.
- Despite short-term fluctuations, analysts remain optimistic about Bitcoin’s long-term potential.
- Investor sentiment is critical; the market is reacting to broader economic indicators and not just cryptocurrency-specific events.
