**Bitcoin Bounces Back Over $58K Amid Market Turbulence**

Bitcoin (BTC) surged past $58,000 on August 16, recovering 4.4% from a low of $56,150 the previous day. This rebound followed the latest U.S. unemployment data, which caused liquidations for both buyers and sellers, totaling around $75 million in the past 24 hours.

Popular traders noted the market's volatility, with BTC/USD remaining in a familiar intraday channel. Analysts highlighted a "death cross" in 4-hour timeframes, suggesting potential for either establishing a market bottom or further declines, possibly down to $45,000.

Additionally, Bitcoin funding rates on Binance turned negative for the third consecutive day, indicating a dominance of short positions and a potential setup for a short squeeze.

This article does not contain investment advice. Always conduct your own research before making financial decisions.