Bitcoin Rebounds Above $81,000 as US Stocks Seek Relief

Bitcoin (BTC) surged above $81,000 on March 11 as US stock futures looked for relief after a harsh sell-off. The price of BTC bounced back by almost 4%, following new four-month lows in the Wall Street trading session. The SP 500 and Nasdaq Composite Index closed the day down by 2.7% and 4% respectively, with Nasdaq 100 futures recovering slightly. Market analysts are questioning if a massive short squeeze is imminent due to extreme fear sentiment and high VIX volatility index readings. Despite some short-term upside for Bitcoin, some traders remain cautious about the potential for a sustained recovery.