Volatility Grips Bitcoin After Fresh YTD Low

After plummeting to a fresh year-to-date (YTD) low of $58,035 Thursday morning, bitcoin rebounded to erase its 24-hour losses. While the flat net performance paints a stable picture, the daily chart tells a different story—revealing violent price swings that triggered the moment bitcoin crossed below $59,000 on Wednesday.

Data shows bitcoin breached $61,000 less than three hours after tumbling to what was then its YTD low. Although it subsequently dropped below this level, the cryptocurrency traded close to it until shortly after midnight, when another rally eventually pushed it past $61,800. While it lost momentum before reaching $62,000, it nonetheless managed to hold above $61,000…