Bitcoin Price Surges to Near $70,000 Amid Improved Risk Sentiment

Bitcoin's price has been on the rise after a three-session losing streak, reaching near US$70,000 in New York trading. This increase is driven by improved risk sentiment and a tentative rebound in technology stocks, which are seen as a barometer for the AI-fuelled trade.

The largest cryptocurrency climbed as much as 8.5 per cent to roughly US$69,500, marking its biggest intraday gain since February 6. This increase has led some analysts to predict that Bitcoin will surpass its previous high of almost US$127,000 reached in early October.

However, investors remain cautious due to the token's significant decline from its all-time high. The industry mood remains uncertain, with nearly nine million Bitcoin worth less than what holders paid for them, according to data from researcher Glassnode.