Bitcoin (COIN:BTCUSD) traded above the $70,000 mark on Monday, consolidating after a strong rebound late last week from levels close to $60,000. The move comes as investors reassess risk exposure following heavy liquidations and shift their focus toward key U.S. economic releases scheduled for later in the week.
The world’s largest cryptocurrency was last up around 1.5% at $70,402.5 by 01:25 ET (06:25 GMT), extending its recovery from a roughly 16-month low near $60,187 reached earlier in the week.
Bitcoin reclaimed the $70,000 level on Friday, jumping more than 12% in a single session. The rebound coincided with rallies in technology stocks and precious metals, which helped lift broader risk assets. Bargain hunting after the sharp selloff and a general stabilisation across global markets also supported the bounce.
The steep decline seen earlier last week was part of a wider risk-off move. Weakness in U.S. technology shares—particularly those tied to artificial intelligence—combined with forced liquidations in crypto futures markets to intensify selling pressure. Persistent outflows from Bitcoin spot exchange-traded funds and a pullback from leveraged positions further added to volatility.
Japan election boosts sentiment
Risk sentiment received an additional lift after Japanese Prime Minister Sanae Takaichi secured a decisive election victory on Sunday, strengthening her mandate to pursue fiscal stimulus and tax reductions. The outcome pushed regional equities higher and was linked to renewed appetite for risk across some global assets.
Although the yen initially softened ahead of the vote, its subsequent stabilisation alongside equity gains helped reinforce the broader improvement in sentiment.
Attention now turns to a series of important U.S. data releases due later this week, including delayed employment figures on Wednesday and the consumer price index report on Friday. These indicators could shape expectations for the Federal Reserve’s policy path, with markets currently factoring in the possibility of rate cuts later in 2026 if inflation cools and labour market momentum fades.
Altcoins mostly steady
Major alternative cryptocurrencies were largely rangebound on Monday following their recent rebound.
Ethereum traded flat at $2,076.41, while XRP added 1.1% to $1.43. Solana edged slightly lower, and Cardano and Polygon were little changed. Among meme tokens, Dogecoin slipped around 2%.