Bitcoin Surges Past $65,000 as Crypto Market Rebounds

The cryptocurrency market has staged a sharp recovery alongside stocks on Thursday, reversing a Federal Reserve-driven sell-off from the day before.

Bitcoin pushed back above $65,000 and Ethereum continued to wrestle with bears near the $1,930 level. The total cryptocurrency buy orders matched the market sells, indicating equilibrium between market forces.

Nearly $200 million was liquidated from the cryptocurrency market in the last 24 hours, with bearish short traders taking the biggest hit. However, despite the gains, 'Extreme Fear' sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

A widely followed cryptocurrency analyst and trader, Ali Martinez, said a Bitcoin drop to $60,000 would not be unwelcome, as it could complete an inverse head-and-shoulders pattern. A confirmed breakout above $66,500 would put $74,000 in play, according to the analyst.