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Bitcoin, the leading cryptocurrency by market capitalization, has&nbsp;<a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">staged</a> a sudden comeback by reclaiming the pivotal $67,000 level.&nbsp;
The crypto king reached an intraday high of $67,260 on the Bitstamp exchange earlier today. It has added more than $2,000 since reaching the intraday low of $65,066.&nbsp;
More than $31 million worth of short positions have been liquidated over the past four hours, according to CoinGlass&nbsp;<a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">data</a>.&nbsp;The V-shaped recovery was largely due to the strength of the US stock market. The S&amp;P 500 index is up by more than 1%. Earlier today, Nvidia (NVDA) hit a new record high while securing a bullish price call from Susquehanna Financial Group.&nbsp;
Last week, Bitcoin investment products saw a whopping $621 million worth of outflows, according to a recent report by CoinShares. The poor performance of these products became a major bearish catalyst this Monday. Moreover, slightly hawkish comments that were recently made by US Federal Reserve Chair Jerome Powell spooked some investors who were expecting a more dovish tone.&nbsp;&nbsp;
At the same time, Bitcoin has seen its share of bullish adoption news. Last week, it came to light that telecommunication giant&nbsp;<a href="https://u.today/fetchai-and-deutsche-telekom-partner-to-drive-epic-industrial-adoption" rel="noopener noreferrer nofollow">Deutsche Telekom</a> would start mining the largest cryptocurrency.&nbsp;
For now, the largest cryptocurrency is likely to remain range-bound due to uncertainty surrounding the Federal Reserve's rate-cutting plans.&nbsp;
Despite recent ups and downs, Bitcoin's 30-day realized volatility is now nearing historic lows, according to Alex Thorn, head of research at Galaxy Digital.&nbsp;
<blockquote>
 bitcoin 30d realize volatility nearing historic lows <a href="https://t.co/X28cQZRcvo" rel="noopener noreferrer nofollow">pic.twitter.com/X28cQZRcvo</a>— Alex Thorn (@intangiblecoins) <a href="https://twitter.com/intangiblecoins/status/1802774524880155066?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 17, 2024</a>
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The leading cryptocurrency is now&nbsp;<a href="https://x.com/jvs_btc/status/1802771325465080230" rel="noopener noreferrer nofollow">outperforming</a> Ethereum on a year-to-date basis.&nbsp;

Bitcoin Suddenly Reclaims $67K as Shorts Get Crushed

U_Today

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