Bitcoin's Price Rebound Falters Below $70,000 as Holders and Buyers Sell

Bitcoin's recent price rebound faltered as long-term holders and recent buyers sold into the market, adding pressure below $70,000.

Data from CryptoSlate shows that Bitcoin crossed $65,000 on Wednesday for the first time in about a month, then retreated under $63,000 by press time. The move followed softer US inflation data and marked Bitcoin's strongest response to favorable economic news in weeks.

The retreat came even as several market indicators turned more constructive, setting up a test of whether recovering demand can absorb the supply emerging during rallies and carry Bitcoin above $70,000.