According to Cointelegraph, Bitcoin is preparing to rise above $ 70,000 with the intense interest of traders.

Bitcoin (BTC) continues its rise due to positive news flows. In the last 24 hours, the leading cryptocurrency gained 4.41 percent in value.

The negative atmosphere in BTC began to dissipate and investors began to turn to the cryptocurrency market again.

Analysts state that Bitcoin's rise may continue. Crypto analyst Rekt Capital made a remarkable analysis during the period when BTC was below $ 65,000. The famous trader stated that if BTC exceeds $ 65,000, it can reach $ 71,500. According to current data, BTC is trading above $65,400.

According to the analyst, this year BTC broke the $65,000 resistance four times before approaching $71,500.

The recovery in BTC was driven by expectations for the Fed's interest rate cut and the rise of US presidential candidate Donald Trump. Investors who withdrew from the market when the German government sold BTC are now returning to the market. If BTC reaches $71,500, the next target will be the all-time high of $73,649; This zone will determine the general direction of the market.

Additionally, there is a risk of liquidation of short positions in BTC at $71,500. Many traders are determined that BTC will not reach this level. According to CoinGlass, a liquidation of $1.47 billion in futures could occur if BTC rises to $71,500.

Investors began to increase their confidence in the market. Open Interest (OI) in short-term transactions increased by 13 percent during the same period.

Crypto analyst Mags noted that BTC falling below the 200-day moving average (EMA) to $56,649 on June 12 resembles a scenario from the past. At that time, BTC rose 17.5 percent to $47,000, two months after falling below the 200 EMA.

“If a similar pattern occurs after the recent decline, I think Bitcoin could see a price above $70,000 soon,” Mags said.

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