Bitcoin Price Rebounds to $65K Amid Market Fluctuations

The cryptocurrency market has experienced a tumultuous few days, with Bitcoin's price experiencing a significant rebound after hitting a new low of $62,500.

Following a period of consecutive charting of local lows, Bitcoin's price surged back up to near $66,500 before being stopped, and is currently trading above $65,000. This represents a 3% increase on the day for the asset.

The market capitalization of Bitcoin has also recovered, reclaiming the $1.3 trillion level, while its dominance over altcoins has increased to above 56%. The cryptocurrency's price was initially rejected at the $70,000 level earlier in the week, but subsequent corrections pushed it south to $66,000 by Wednesday.

However, after a dead-cat bounce, the bears took control and initiated another leg down, with Bitcoin plummeting to its new low of $62,500. The bulls eventually regained control, driving the asset north by around $4,000.