Bitcoin Pushes Above $63,000 After Brutal Selloff

Bitcoin rebounded on Monday to trade above $63,000 after a brutal selloff that pushed the token to its lowest level this year.

The bounce capped one of the harshest weeks for digital assets since the collapse of FTX in late 2022. Buying volume on the rebound remained thin, indicating a lack of conviction across the market.

Nearly $7 billion in leveraged positions were liquidated during the rout, with long bets making up about $5.7 billion of that total.