Buying at lows drives Bitcoin rebound. This previously fell sharply from historical highs during intense fluctuations.

Bitcoin has been experiencing intense volatility, with a recent wave of selling causing prices to briefly retreat more than 50% from the high point in October. Data shows that Bitcoin fell 4.8% on Friday morning, hitting a new low of $60,033. It then rebounded to $66,721, representing a daily increase of about 5.8%. Other tokens also rebounded after significant declines. Solana fell as much as 14% at one point, but regained all lost ground just a few hours later. Since a series of liquidations in October dealt a heavy blow to market confidence, the cryptocurrency market has been in turmoil. This week, with the unwinding of leveraged bets and overall market turmoil, the selling pressure has intensified further. Bitcoin fell more than 13% on Thursday, marking the largest single-day drop since the collapse of Sam Bankman-Fried's FTX in November 2022. In the latest downturn, Bitcoin briefly fell more than half from the historical high point above $126,000 reached on October 6. The overall mood in the Asian market is pessimistic, with "insufficient liquidity and a wave of selling," said Damien Loh, chief investment officer of Ericsenz Capital. He added that the rebound from $60,000 indicates "strong support there," but because market sentiment remains cautious, traders should not "expect a significant rebound."