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

Analysts say the move looks driven more by short covering than fresh buying, with spot demand soft and stablecoin balances on exchanges drifting lower. What to know : Bitcoin rebounded above $71,000 after briefly dropping below $70,000 amid a broader, but easing, selloff in global risk assets. Analysts say the move looks driven more by short covering than fresh buying, with spot demand soft and stablecoin balances on exchanges drifting lower. Ongoing uncertainty over U.S. interest rates, Federal Reserve leadership and a stronger dollar is weighing on sentiment, leaving some firms warning of potential retests of the low-to-mid $60,000 range.