Bitcoin has risen above the $71,000 level.

Bitcoin Surge

Bitcoin surpassed $71,000 as the widespread selling pressure on global risk assets eased. Previously, Bitcoin had declined below $70,000, attracting attention among investors.

Analysis and Market Condition

Analysts indicate that this surge is more related to short position closures than new purchases. It has been observed that spot demand is weak and balances of stablecoins on exchanges are decreasing.

Additional Uncertainties

Moreover, ongoing uncertainties regarding interest rates in the United States, Federal Reserve leadership, and a strong dollar are negatively impacting market sentiment. Some firms are warning that Bitcoin could retest the $60,000 to $65,000 range.