Bitcoin rebounded sharply during U.S. trading hours on Monday, climbing back above the $70,000 mark after dipping to just over $68,000 earlier in the day. The move broke a recent pattern of U.S.-session weakness, with buyers stepping in decisively by early afternoon.

At its intraday high, bitcoin surged more than 3% from the day’s low to around $70,800, leaving it modestly higher over the past 24 hours.

Bernstein: “Weakest Bitcoin Bear Case in History”

Wall Street research firm Bernstein used the pullback as an opportunity to reaffirm its bullish stance, reiterating a $150,000 year-end price target for bitcoin.

“What we are experiencing is the weakest bitcoin bear case in its history,” wrote Bernstein analyst Gautam Chhugani.

Chhugani argued that the latest bout of market anxiety reflects a familiar cycle rather than any structural breakdown. “Nothing blew up, no skeletons will unravel; the media is back again to write an obituary,” he said, adding that time “remains a flat circle on Bitcoin.”

Broader Crypto Market Firms

The rebound in bitcoin lifted the broader crypto complex:

  • Ether rose about 1.5%

  • XRP gained close to 1.5%

  • Solana also advanced roughly 1.5%

Risk appetite improved across markets as well, with U.S. equities trading higher. The Nasdaq climbed about 1%, while the S&P 500 added 0.5%.

Watching Miners for the Market Bottom

Adding a technical lens, Schwab’s Jim Ferraioli noted that bitcoin selloffs have historically found a floor near miners’ cost of production.

As prices fall, less efficient miners often shut down operations, pushing mining difficulty lower. When difficulty begins rising again, it has historically signaled that a market bottom may be forming.

That framework gained relevance after bitcoin mining difficulty recorded its largest drop since 2021, suggesting at least partial miner capitulation during the recent slide.

Bottom Line

Bitcoin’s swift recovery above $70,000 has reinforced the view among bulls that recent volatility reflects sentiment-driven noise rather than a fundamental breakdown. With miners capitulating, equities rallying, and Bernstein standing firm on a $150,000 target, the market narrative is shifting back toward resilience , even as short-term swings remain part of the journey.