BTC Rockets to $70K as Tech Recovery Amid Ongoing Leverage Deleveraging

Bitcoin staged a technical rebound to above $70,000 after a 13% single-day drop on Thursday, its steepest since FTX's collapse. The 60,000-dollar level acts as key support, with continued leverage deleveraging and institutionally driven outflows weighing on sentiment, suggesting volatility will persist. Data from CoinGecko shows Bitcoin at $70,189.74, up 4.2% in 24 hours, following a 10% gain on Friday that erased Thursday's losses. Ether and Solana rose about 9%, and XRP surged over 30%. Bitcoin accounted for roughly 60% of the ~$230B crypto market by value. Volatility spiked to over 97% in the next 30 days, up from 57% the prior day, as over $20B in neutralization of long/short positions occurred in the past 24 hours. The U.S. Bitcoin ETF posted a net outflow of $4.34B, and active investors are averaging entry costs around $90K, contributing to selling pressure. Key watch: Can Bitcoin hold 60,000? A break could test levels near $55K and $50K in coming weeks.