Bitcoin Price Rises Near $68k on Bargain Buying and Wall Street Cues

Bitcoin's price surged to nearly $68,000 on Thursday, marking a rebound from its recent decline. The rally was driven by bargain buying, as traders snapped up heavily discounted prices, and positive cues from Wall Street, which helped improve risk appetite.

The short squeeze in the cryptocurrency market also played a significant role in Bitcoin's price increase. Data from Coinglass showed that $468.7 million in short positions were liquidated in the past 24 hours, contributing to the rally.

Despite the gains, sentiment towards Bitcoin remains negative. Coinmarketcap's crypto fear and greed index still indicates 'extreme fear' levels, suggesting that investors remain cautious about the cryptocurrency market.