Bitcoin climbs back above $71,000 as tech selloff pauses

Group 1 - Bitcoin recovered above $71,000 after a brief drop below $70,000, reflecting stabilization in global markets [1] - The decline in Bitcoin was part of a broader selloff in technology stocks, with the Nasdaq 100 futures showing slight recovery after significant losses [1] - Bitcoin experienced a 7% drop in the previous 24 hours as investors reduced risk across growth and leveraged assets [2] Group 2 - The recent bounce in Bitcoin appears to be driven more by short covering rather than new buying interest, with trading volumes high but spot market demand decreasing [3] - Stablecoin balances on exchanges are declining, indicating that new capital is not entering the market aggressively [3] - Macro uncertainty, particularly around US interest rates and Federal Reserve leadership, is affecting investor sentiment and could pressure Bitcoin prices [4] Group 3 - Some analysts believe that the majority of the market drawdown is behind, with potential price support estimated in the low-to-mid $60,000 range [5]