Leading cryptocurrencies jumped on Wednesday, though analysts view the uptick as a relief bounce rather than a momentum shift.

Crypto Market Rebounds

Bitcoin enjoyed a relief bounce, nearing reclaiming $70,000, while trading volume jumped 34% over the last 24 hours.

Ethereum also broke past the $2,000 resistance, accompanied by a 47% jump in 24-hour volumes, while XRP and Dogecoin were up 5.16% and 8.95%.

Over $580 million was liquidated from the market in the last 24 hours, according to Coinglass, predominantly wiping out bearish short positions.

Bitcoin’s open interest rose 3.44% over the past 24 hours, although whale sentiment across key exchanges, including OKX, Bybit and Binance,…

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