Bitcoin Jumps Toward $69,000 as U.S. Stock Market Rebounds

Bitcoin rallied 6% over the past 24 hours, climbing to approximately $68,400. The move coincided with a broader recovery in U.S. equities, led by technology and AI-related stocks.

BTC/USDT hourly chart on Binance. Source: TradingView

Crypto Market Recovers Alongside Equities

Altcoins followed Bitcoin's lead. Ethereum gained 10% to reach $2,000, while Solana posted the largest jump among major assets at 12%, rising to $87.

Major crypto asset performance. Source: CoinGecko

Total liquidations hit $444 million in 24 hours, with the bulk of forced closures concentrated in short positions — $50 million worth.

24-hour liquidation volume. Source: CoinGlass

The catalyst was a rebound in U.S. stock indices: the Nasdaq rose 1.15%, the S&P 500 gained 0.7%, and the Dow Jones added 0.4%. Crypto-linked equities also benefited — Coinbase shares climbed 13% and Strategy rose 8%.

Why This Matters

Bitcoin's tight correlation with traditional equities continues to shape price action, and the current bounce reinforces how much crypto markets depend on broader risk sentiment. The return of U.S. buyers and renewed ETF inflows suggest a potential shift in market mood after weeks of persistent selling pressure.

U.S. Buyers Return to the Market

The Coinbase Premium Index turned positive for the first time since mid-January. This metric — which tracks the price spread between Coinbase Advanced and Binance — is widely regarded as a proxy for U.S. capital inflows and institutional activity.

"Coinbase Premium Gap signals early signs of returning U.S. demand. The metric has recently moved back into positive territory. This marks the third occurrence since..." — Darkfost (@Darkfost_Coc), original post

Bitcoin ETF flow data corroborates the trend: on February 24, spot Bitcoin ETFs attracted over $257 million in net inflows — the highest single-day figure since early February.

Bitcoin ETF flows. Source: SoSoValue

Bullish Divergence and Vanishing Sell Walls

Trader Michaël van de Poppe highlighted a strong bullish divergence forming on the daily RSI chart of Bitcoin versus gold. While the signal remains unconfirmed, he suggested that BTC's recent strength could indicate the beginning of a capital rotation.

"There's a strong bullish divergence on the daily chart of BTC vs. Gold. It's not confirmed, but given the recent strength in Bitcoin, I think a slight rotation is starting. It's about time." — Michaël van de Poppe (@CryptoMichNL), original post

Analyst Satoxis pointed to a dramatic reduction in selling pressure. According to his observations, the sell-side order book for BTC/USDT has completely flattened, with major sell walls disappearing. Previously, a block of 888 BTC would appear in the ask orders each time Bitcoin lost a key level, effectively capping any recovery attempt.

"The sell-side order book on BTC/USDT has completely flattened. Major sell walls have disappeared. For weeks, every time Bitcoin lost a key level, a block of 888 BTC would suddenly appear on the ask, capping any attempt to reclaim that level." — Satoxis (@satoxis), original post

Galaxy Digital's Alex Thorn: Worst Pain Likely Behind Us

Alex Thorn of Galaxy Digital argued that the most painful phase for Bitcoin is most likely over. He cited several factors: the price is near the 200-week moving average and realized price, more than half of all coins are underwater, and the RSI has reached levels historically associated with capitulation bottoms.

"The worst Bitcoin pain is almost certainly behind us, but there could still be some ahead..." — Alex Thorn (@intangiblecoins), original post

However, Thorn cautioned that cycle bottoms take time to form. The market could enter a prolonged sideways phase with no clear direction. A reversal in equity indices would put renewed pressure on crypto assets. Additionally, investor apathy remains widespread, and fundamental catalysts for sustained growth have yet to materialize.