Bitcoin captures $65K after US stocks rebound from AI sell-off: Will it hold?

Bitcoin rallied above $66,000 following a positive close from US stock markets, putting Monday’s AI and tech-stock driven sell-off to rest. Will $60,000 remain the BTC bottom?

Bitcoin’s (BTC) bleed slowed on Tuesday as US markets recovered from Monday’s AI and software-stocks-driven selloff. At the US market closing bell, the DOW locked in a 370-point gain, while the S&P 500 held on to a 0.77% rally. The swift recovery of US equities markets appears to have played a role in lifting negative pressure off crypto investors looking to cut risk asset exposure. 

Bitcoin analysts continue to stress the importance of the former $65,000 support being reclaimed and the $60,000 level holding, with many suggesting that a dip below the latter figure would swiftly usher in new lows in the low $50,000 range. 

While Bitcoin now trades 49% away from its all-time high, BTC market resource Material Indicators flagged a $4.5 million spot purchase by “mega whales” on Tuesday morning. In the post, Material Indicators noted that while the figure is insignificant, “it’s significantly larger than the typical $1M - $2M market order we see from that order class.”

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