Crypto comeback: Bitcoin bounces back after falling below $30,000

Bitcoin is living up to its volatile reputation after fighting back above $30,000.

Bitcoin is fighting back from its latest downslide that stoked fears of a mass liquidation after the world’s largest token broke below $30,000. The virtual currency rose as much as 5.8% to $33,821 in Wednesday trading — one day after dramatic rout briefly wiped out gains for the year. “Fundamentals are healthy and there is too much negativity priced in,” said Felix Dian, who runs crypto-focused fund at MVPQ Capital in London. “Derivatives data, including backwardation in futures, tell us that there is a strong short base at the moment, making any leg lower unlikely to be durable as shorts get squeezed.”