Bitcoin climbs above $70,000 as more contrarian bottoming signs emerge
Sales of bitcoin by prominent holders and executive exits could give hope to the battered crypto sector.
What to know:
- Bitcoin climbed above $70,000 during U.S. afternoon hours on Monday.
- The move came as more contrarian buy signals emerged, including the exit of a bitcoin treasury company executive and bearish thoughts from a well-followed longtime bull.
Contrarian bitcoin bulls — as bitcoin crashed to $60,000 in early February — first took hope that a bottom was forming, as the strongly no-coiner Financial Times took a victory lap.
The bulls may have been even more pleased over this past weekend by a couple of other bottoming signals. First was the late Friday news that Jeff Park was exiting his role as chief investment officer at ProCap Financial (BRR). Led by Anthony Pompliano, ProCap was among 2025’s hastily formed bitcoin treasury companies aiming to hitch their wagon to the BTC bull market and replicate the success of Michael Saylor’s Strategy.
As with others of the 2025 crop — David Bailey’s Nakamoto (NAKA) and Jack Mallers’ Twenty One Capital (XXI) among them — ProCap stock has struggled mightily, performing far worse for shareholders than bitcoin itself.
