Bitcoin surged nearly 8% on Wednesday, touching $69,500 after last week’s sharp selloff that saw the token drop below $62,000. Short covering drove the bulk of the move.
The bounce follows $2.3 billion in on-chain realized losses over the past week, according to CryptoQuant. Ethereum, BNB, and XRP all posted gains between 5-10%.
Context matters: analysts remain split. Some see a dead cat bounce before a correction to $44K-$35K. Others point to historical patterns where BTC recovers fully within 3-4 weeks of similar drawdowns.
Our crypto database tracks 16,000+ tokens. Historical survival rate after drops of this magnitude: 73% recover within 60 days. 27% never do.
This content is for informational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency and financial markets are highly volatile and carry significant risk. Always do your own research (DYOR) and consult with a qualified financial advisor before making any investment decisions. Past performance does not guarantee future results.