Bitcoin (BTC) neared the $44,000 level early Thursday and reversed some losses, which were caused by the sudden drop in U.S. stocks on Wednesday. The S&P 500 index closed 1.42% lower, impacting riskier assets such as bitcoin. Some analysts pointed out that a correction was overdue as market indications were in overbought territory and the expiry of a certain type of options created selling pressure. Bitcoin and trending tokens such as Solana’s SOL and Avalanche’s AVAX took a hit after the broader market plunge but climbed in early Asian hours on Thursday. SOL extended gains to 15% in the past 24 hours, and extended gains from a multi-week rally to over 55%.
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