Bitcoin (BTC) bounced back to $67,500 during Wednesday’s U.S. morning session, gaining more than 5% over the past 24 hours as deeply bearish positioning across the crypto market began to unwind.

The move sparked a broader relief rally across altcoins. Ethereum’s ether (ETH) surged 10%, reclaiming the $2,000 level for the first time in a week. Solana (SOL), dogecoin (DOGE), Cardano (ADA) and Chainlink (LINK) each advanced more than 10%, outperforming bitcoin and the broad-market benchmark CoinDesk 20 Index’s gains.

Wednesday’s bounce follows a period of extremely negative sentiment across the market. The Crypto Fear & Greed Index, a popular sentiment gauge, has been hovering in Extreme Fear levels for most of February.

Perpetual futures…