Investing.com– Bitcoin traded above $70,000 on Monday, steadying after a sharp rebound late last week from lows near $60,000, as investors reassessed risk appetite following heavy liquidations and turned their attention to key U.S. economic data due later this week.
The world’s largest cryptocurrency last traded 1.5% higher at $70,402.5 by 01:25 ET (06:25 GMT), drifting further from a 16-month low of around $60,187.0 reached earlier in the week.
On Friday, the token surged back above $70,000, climbing over 12% in a single session as technology stocks and precious metals rallied, helping to lift risk assets broadly.
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The rebound was driven in part by bargain hunting after the deep pullback, as well as a broader stabilisation in global markets.
Last week’s sharp decline in Bitcoin was tied to a broader risk-off mood in global markets. A selloff in U.S. technology stocks — particularly those linked to artificial intelligence — and forced liquidations in crypto futures markets exacerbated downward pressure.
Investors also saw extended redemptions in Bitcoin spot exchange-traded funds and a retreat from leveraged positions as key drivers of volatility.
Japan election adds to risk sentiment shift
Japanese Prime Minister Sanae Takaichi secured a landslide election victory on Sunday, strengthening her mandate to pursue fiscal stimulus and tax cuts. The decisive win boosted equities in the region and was associated with renewed risk appetite in some global assets.
While the yen had initially weakened in anticipation of Japan’s poll outcome, its subsequent stabilisation alongside equity gains helped underpin broader risk sentiment.
Investors are now eyeing a slate of key U.S. economic data due later this week, including delayed employment figures on Wednesday and the consumer price index report on Friday.
These prints could influence the Federal Reserve’s interest rate outlook, with markets pricing possible rate cuts later in 2026 if inflation eases and labour market momentum softens.
Crypto price today: altcoins subdued after bouncing off lows
Most altcoins traded in tight ranges on Monday.
World no.2 crypto Ethereum traded flat at $2,076.41.
World no. 3 crypto XRP gained 1.1% to $1.43.
Solana edged slightly lower, while Cardano and Polygon traded flat.
Among meme tokens, Dogecoin fell 2%.
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