Bitcoin climbed back above $65,000 on Wednesday as a weaker U.S. dollar and a rally in Asian equities gave crypto markets a lift. The move came after weeks of heavy losses.
The price reached around $65,400 early Wednesday morning. That followed a period where the total crypto market cap had fallen to $2.19 trillion, close to the lows seen during the February 5 crash.
Analysts are watching closely to see if this bounce signals a real trend reversal. The setup resembles a “double bottom” chart pattern, which traders often read as a bullish signal.
Alex Kuptsikevich, chief market analyst at FxPro, said if the current lows hold, the market could see roughly 10% upside. But he added a clear warning.
“A failure to rebound will signal the end of the recovery, opening the potential for a further 25% decline,” Kuptsikevich said.
A double bottom forms when price drops to a low, recovers briefly, then falls back to test the same level again. If it holds, it creates a W-shaped pattern that often leads to a reversal upward.
Other major tokens also moved higher alongside Bitcoin. Ether gained 4.2% over the past day, Solana rose 7%, and XRP added 3%.
The Bloomberg Dollar Spot Index edged lower following President Trump’s State of the Union address Tuesday night. Trump doubled down on tariff plans even after the Supreme Court struck down his global import taxes.
He also suggested tariffs could eventually replace the income tax system entirely. A weaker dollar has historically supported Bitcoin, though the connection has been uneven during this downturn.
Asian equities added to the positive tone. MSCI’s gauge for Asian stocks climbed 1.4% to a record, led by South Korea and Taiwan, where AI-linked chipmakers hit all-time highs ahead of Nvidia’s earnings.
Despite the bounce, confidence in Bitcoin remains thin. Bloomberg reported analysts described a “crisis of confidence” after Bitcoin’s nearly 50% drop from its all-time highs.
Kuptsikevich went further, saying the market likely hasn’t bottomed yet and that “real capitulation is still ahead.”
Over in stocks, U.S. futures were largely flat on Wednesday morning. Futures for the Dow, S&P 500, and Nasdaq 100 all traded near unchanged.
Tuesday’s regular session was stronger. The S&P 500, Nasdaq, and Dow all rose as investors rotated back into tech stocks.
Software and cybersecurity stocks got a boost after Anthropic launched new enterprise features for its Claude Cowork platform. The update added integrations with Google Drive, DocuSign, and LegalZoom.
Traders are also watching geopolitical developments, including rising U.S.-Iran tensions. A 10% levy on imports took effect Tuesday.
All eyes now turn to Nvidia’s quarterly earnings, due Wednesday after the close. Salesforce and Snowflake are also reporting the same day.
The post Daily Market Update: US Stock Futures and Bitcoin Flat Before Nvidia Earnings Today appeared first on CoinCentral.
