Bitcoin rises back above $71,000 after tech-led selloff pauses.

Bitcoin recovered above the $71,000 mark on Thursday after an early selloff briefly dragged prices below $70,000, as signs of stabilization emerged across global markets.

The bounce came as the recent slump in technology stocks began to lose steam. Nasdaq 100 futures edged higher following two punishing sessions that wiped out the index’s gains for the year, while European equities steadied and Asian markets pared earlier losses.

Over the past 24 hours, bitcoin had fallen as much as 7% as investors reduced exposure to risk assets tied to growth and leverage. The decline unfolded alongside renewed weakness in precious metals, where silver plunged as much as 17%, extending a sharp reversal from last month’s record highs. Gold also slipped, highlighting the rapid unwinding of speculative trades across markets.

Within crypto, analysts say the move back above $71,000 appears driven largely by short covering rather than fresh inflows. Trading volumes remain elevated, but spot demand has thinned, suggesting limited conviction behind the rebound.

That view is reinforced by stablecoin balances on exchanges, which have continued to drift lower, signaling that new capital is largely staying on the sidelines rather than stepping in aggressively on dips.

Macro uncertainty continues to weigh on sentiment. Investors are recalibrating expectations around US interest rates amid speculation over Federal Reserve leadership and the risk of a stronger dollar — conditions that typically pressure assets like bitcoin that thrive on easy liquidity.

Some firms remain cautious. Galaxy Digital has warned that, absent a clear catalyst, bitcoin could still revisit lower levels if selling resumes.

Others believe the bulk of the drawdown may already be behind the market, with some estimates pointing to a potential bottom in the low-to-mid $60,000 range.