In the past 24 hours, Bitcoin (BTC) has made a remarkable recovery, surging to $71,000 and edging closer to new all-time highs. This upward trend comes just a week before the Federal Reserve's meeting on June 12, indicating investors' confidence in potential rate cuts later this year.

The rise in BTC price can be attributed to increased investor optimism, with many expecting rate cuts as early as November. Additionally, significant inflows into spot Bitcoin ETFs have contributed to the price increase. On June 4, Bitcoin spot ETFs saw a record-breaking net inflow of $887 million, with Grayscale's GBTC ETF, Fidelity's FBTC ETF, and BlackRock's IBIT ETF leading the charge.

The correlation between Bitcoin and US technology stocks, as represented by the Nasdaq 100 Index, is at its highest level since early 2023. This suggests that any gains in the Nasdaq 100 could be mirrored by Bitcoin. Meanwhile, altcoins like BNB and TON have also seen significant increases, with BNB surpassing $100 billion in market capitalization for the first time since December 2021.

In conclusion, Bitcoin's recent surge to $71,000 reflects growing investor confidence and optimism. As the Federal Reserve's meeting approaches, all eyes are on the potential rate cuts that could further boost the cryptocurrency market. With altcoins also on the rise, the crypto market is poised for an exciting and potentially record-breaking second half of the year.