Bitcoin traded above the $70,000 level on Monday, stabilizing after a strong rebound late last week from lows near $60,000. The recovery came as investors reassessed their risk appetite following heavy liquidations and shifted focus to key U.S. economic data scheduled for later this week.
The world’s largest cryptocurrency was last up 1.5% at $70,402.5 by 01:25 ET (06:25 GMT), continuing to move away from a 16-month low of around $60,187 reached earlier in the week.
On Friday, Bitcoin surged back above $70,000, jumping more than 12% in a single session. The rally coincided with gains in technology stocks and precious metals, helping lift broader risk assets. The rebound was partly driven by bargain hunting after the steep pullback, alongside signs of stabilisation across global markets.
Bitcoin’s sharp decline last week was linked to a wider risk-off mood. Weakness in U.S. technology stocks—especially those tied to artificial intelligence—combined with forced liquidations in crypto futures markets, intensified selling pressure. Investors also pulled back from leveraged positions, while continued outflows from Bitcoin spot exchange-traded funds added to volatility.
Japan election boosts risk sentiment
Market sentiment also received support from developments in Japan, where Prime Minister Sanae Takaichi secured a decisive election victory on Sunday. The result strengthened expectations for fiscal stimulus and tax cuts, lifting regional equities and contributing to improved risk appetite across some global markets.
Although the yen initially weakened ahead of the election, its subsequent stabilisation alongside equity gains helped reinforce broader investor confidence.
Attention is now turning to a series of important U.S. economic releases due later this week, including delayed employment data on Wednesday and the consumer price index report on Friday. These figures could shape expectations around the Federal Reserve’s interest rate path, with markets currently pricing in potential rate cuts later in 2026 if inflation continues to ease and labour market conditions soften.
Altcoins trade quietly after rebound
Most major altcoins moved within narrow ranges on Monday. Ethereum traded largely flat at $2,076.41, while XRP gained 1.1% to $1.43. Solana edged slightly lower, and both Cardano and Polygon were little changed. Among meme tokens, Dogecoin slipped 2%.
