Bitcoin: What the $70K bounce means amid BTC’s deleveraging
Bitcoin rebounded from the $65,000 support level, climbing to $70,578 before trading near $69,951, up 4.31% in 24 hours. The move pushed BTC above a key short-term moving average, signaling bullish momentum. However, analysts highlight a significant drop in market leverage, indicating a broader deleveraging phase. Futures open interest declined, suggesting traders are closing positions rather than opening new ones. The recent rally was largely driven by short liquidations, not new capital inflows. While momentum indicators improved, sustainability is uncertain. Holding above $68,400 could lead to a test of $74,050 resistance, but failure may result in a retest of $65,000 support.
ambcrypto03/10 09:32