The Bitcoin price climbed back above $71,000 over the weekend, extending its rebound after one of the sharpest sell-offs of the cycle sent the price briefly plunging toward $60,000 earlier this week.

The recovery comes as institutional investors appear to be treating sub-$70,000 bitcoin as a renewed buying opportunity, even while retail traders search for signs the market has reached a bottom.

Bitwise CEO Hunter Horsley said in a CNBC interview that bitcoin’s pullback is landing differently with large investors than with long-time holders.

“I think long-time holders are feeling unsure,” Horsley said. “And I think the new investor set, institutions are sort of getting…

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