Bitcoin price has rebounded in the past 24 hours, up by 3% to hit $70,000 before easing to $69,589. The BTC surge came as the total crypto market cap rose 3.44% over the same period, pointing to a broad market-driven recovery. Bitcoin also shows a 78% correlation with gold, suggesting traders positioned it as an inflation hedge.
Broader Market Rebound Lifts Bitcoin Price as ETFs Add Inflows
Bitcoin price rebounded alongside the wider crypto market, as traders moved off recent lows following heavy selling pressure earlier this month. The bounce also follows a change in market mood, with the Fear & Greed Index rising to 11 from 8 a day earlier. Although the reading still shows “Extreme Fear,” it is a short-term improvement.
Meanwhile, U.S. spot Bitcoin ETF flows also remained positive. According to SoSoValue data, spot Bitcoin ETFs recorded total net inflows of $15.20 million on Feb. 13. Fidelity’s FBTC led daily inflows, posting $11.99 million for the session.
In addition, Trump’s Truth Social filed for Bitcoin and crypto ETFs. However, the rebound is not tied to a single Bitcoin-specific trigger. The total crypto market cap has gained $120 billion in the last 24 hours, according to analyst Ted, who described the surge as a relief rally.
Analysts Point to CME Gap Close and Fresh Buy Signals
Analysts also highlighted technical and market structure developments behind the rebound. As per analyst CryptoRover, Bitcoin’s CME gap closed at $68,899, adding that weekend price jumps often follow similar patterns.
He noted that CME gaps over the past six months have historically filled, with 95% closing within seven days. In addition, analyst Ali reported an early TD Sequential buy signal on Bitcoin. He said the setup suggests a potential rebound could form over the next three to nine days.
These analyst observations come as Bitcoin is sensitive to broader sentiment swings. The market’s shift away from recent panic levels likely increased short-term buying activity. As a result, Bitcoin held near the $68,000 to $70,000 zone for much of the rebound session.
CPI Inflation Data and Improving Technicals Support the Bounce
Inflation data also has been important in the rebound. As Coingape reported, U.S. CPI inflation came in cooler than expected, giving risk assets support. The CPI rose 2.4% year over year in January, below expectations of 2.5%, the lowest level in over four years.
Meanwhile, Bitcoin’s technical indicators also show early improvement. The daily range is between $68,730 and $70,560, indicating recovery after the early February correction. Price has also rebounded from a key support zone between $60,000 and $65,000.
Source: TradingView
Momentum indicators have strengthened as well, with RSI rising to 36.95 after previously dropping near 29.37. The MACD and its signal are both negative, although the histogram has narrowed to −100.52. Immediate resistance is near $75,000, with additional resistance levels at $80,000 and $90,000.
Source: https://coingape.com/bitcoin-price-rebounds-70k-here-are-the-top-reasons-why/
