Bitcoin bounces back after tumbling below $30,000 threshold

woBitcoin extended gains in Asia trading Wednesday, bouncing back after earlier whipsawing investors with a dip below the $30,000 level.

The largest cryptocurrency rose as much as 4.5% and was trading at $33,837 as of 9:38 a.m. in Hong Kong. The coin plunged 12% at one point during U.S. trading hours Tuesday to hit $28,824, which briefly took it into negative territory for the year. Prior to that, it hadn’t fallen below $30,000 since January.

Bitcoin has lost more than 50% from its mid-April high of almost $65,000. The coin started 2021 trading around $29,000 following a fourfold increase in 2020.

Such trading signals “that Bitcoin traders could find themselves in choppy waters for weeks to come,” said Sean Rooney, head of research at crypto asset manager Valkyrie Investments.