Bitcoin rally cools off, hovering close to the $67,000 mark.

 Bitcoin rally cools off, hovering close to the $67,000 mark.

Bitcoin has continued to experience volatility, rebounding from its early February low to reach $70,000 before slipping back below that level.

Market analysts note that the cryptocurrency appears to be following its traditional four-year cycle linked to the halving event.

Steven McClurg, CEO of Canary Capital, told CNBC that he expects bitcoin could decline to as low as $50,000 during the summer months.

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Bitcoin’s brief rebound lost momentum on Wednesday as volatility persisted in the world’s largest cryptocurrency.

As of 8:31 a.m. ET, bitcoin was trading near $66,975.

The digital asset has been trending lower since reaching an all-time high above $126,000 in October, with selling pressure intensifying over the past month. On Feb. 5, bitcoin fell below $70,000 and later hovered just above $60,000 — a level widely viewed as key support.

Although bitcoin managed to recover and climb back above $70,000, it has struggled to build further upside momentum, trading within a range of roughly $66,000 to $72,000.