Bitcoin rebounds to $64K after AI-led selloff triggers crypto rout. Here's what experts say

Bitcoin hovered near the $64,000 mark on Saturday after slipping below $63,000 as an AI-led selloff weighed on crypto markets.

The cryptocurrency was seen trading at $63,969 around 2 PM IST.Over the past 24 hours, Bitcoin gained 1.77%, while Ethereum rose 0.93% to trade at $1,843.

Among major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano advanced up to 4.81%.Also Read | Samir Arora-backed Helios Mid Cap Fund adds Groww, 4 other stocks; hikes stake in Paytm and 29 more The global crypto market capitalisation went up 1.2% to $2.19 trillion, according to CoinMarketCap.Piyush Walke, Derivatives Research Analyst, Delta Exchange, said a broad risk-off sentiment pushed Bitcoin below $63K as the AI-driven selloff spread from equities to cryptocurrencies.

Bitcoin briefly dropped to $62.5K before recovering to around $64K.

However, the rebound lacked strength, with the price failing to form higher highs and slipping back below the 50-day moving average, keeping the broader downtrend intact.Meanwhile, Bitcoin spot ETFs are on track for modest outflows this week after ending an eight-week streak of heavy outflows last week, Walke further said.In the past week, Bitcoin was down 0.25% whereas Ethereum was up 2.47%.

Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid and Cardano fell upto 10.59%.Nischal Shetty, Founder, WazirX said crypto markets experienced a volatile but constructive week, with macroeconomic developments continuing to drive sentiment.

Early weakness, triggered by rising geopolitical tensions and higher oil prices, pushed.“Bitcoin briefly below $62,500 as investors adopted a risk-off approach.

However, softer-than-expected U.S. inflation data later in the week eased concerns around further interest rate hikes, helping both Bitcoin and Ethereum recover.”Despite renewed optimism, markets remain cautious as investors await further clarity on U.S. regulation and upcoming macroeconomic signals, Shetty further said.Also Read |Sebi introduces standing instructions for SWP, STP in mutual funds in demat holdings Market perspectiveHarish Vatnani, Head of Trade, ZebPayBitcoin broke resistance of $64,200 and hit $65,600.

Fresh geopolitical tensions and US market sell off triggered profit booking.

Ethereum hit a fresh high of $1,946 levels and seen some profit booking in line with the US market sell off.

The daily RSI maintained above the 50 marks, reflecting bullish momentum.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.

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