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ToggleBitcoin experienced a rapid surge around 9:00 AM this morning, with the price rebounding strongly from below $64,000. Within just a few hours, it reached a high of $66,306 and was trading at approximately $66,047 at the time of writing, representing a daily increase of over 3%.
Ethereum also strengthened, rebounding from yesterday's low of $1,846 and briefly breaking through $1,926. It is currently trading at around $1,919, up about 4%.
Technical rebound after days of panic
This rebound occurred after Bitcoin had been under pressure for several consecutive days. Yesterday, BTC briefly fell below the $64,000 mark, and the market's fear and greed index remained in the "extreme fear" zone. However, today's strong rebound indicates that there is strong buying support around $64,000, and the short-selling pressure has been temporarily absorbed.
From a technical perspective, Bitcoin has tested the $63,000-$64,000 range multiple times without breaking down, forming a short-term bottom structure. Today's rebound was accompanied by increased trading volume, indicating that funds are actively entering the market to support the price.
Ethereum held firm at the 1,840 support level and then rallied.
Ethereum briefly dipped to $1,843 yesterday but successfully held the key support level of $1,840. Today's rebound was even stronger than Bitcoin's, with a gain of approximately 4%, briefly breaking through $1,926.
The ETH/BTC exchange rate has rebounded slightly, indicating a recovery in market risk appetite and a shift of funds from BTC to ETH and other Altcoin.
Market Outlook: Rebound or Reversal?
Despite today's strong rebound, market analysts remain cautious. Considering that BTC has fallen by about 23% in the first 50 trading days of the year, marking its worst start in history, it remains to be seen whether a single-day rebound can reverse the overall downward trend.
On the bullish side, the supply of Bitcoin held by long-term holders (LTH) has recently begun to rise again, currently reaching approximately 14.3 million coins, indicating that seasoned investors are accumulating at lower prices. Furthermore, the interest rate market is repricing, with market expectations for multiple rate cuts in 2026, and the likelihood of a rate cut in April continuing to rise.
A rebound in US tech stocks could boost Asian stock markets.
This rebound in the crypto market is not an isolated event. Overnight, US stocks also performed strongly, with tech stocks rallying to push the Nasdaq 100 up 1.1%, and the S&P 500 following suit. Software stocks saw a significant rebound after the recent AI panic sell-off. Better-than-expected consumer confidence data further supported the market.
In Asian stock markets, stock index futures indicated a strong opening for Sydney, Tokyo, and Hong Kong markets, and indeed, Asian stock markets opened higher across the board this morning. Short-term bonds performed weakly, while gold and crude oil prices both fell, indicating that funds are flowing back from safe-haven assets to risk assets.
The market is also highly focused on Nvidia's earnings report due on Wednesday. David Laut of Kerux Financial said this week's earnings report will either "ease" or "exacerbate" investor concerns about AI. Nvidia's stock has recently performed poorly as investors have sold off large-cap tech stocks, but analysts generally expect its results to far exceed expectations.
Given the strong correlation between Bitcoin and US tech stocks, if Nvidia's earnings report is strong and drives further gains in tech stocks, BTC could gain additional upward momentum. The market will now closely watch whether the $66,500 resistance level can be effectively broken, and whether ETH can hold above $1,900.
