The market has changed dramatically, creating favorable conditions for bullish investors to push prices higher. Over the past six days, Bitcoin has shown strong demand, a sign that buyers have regained control after cooling off in the first 10 days of October. In other words, BTC appears to be rebuilding the same bullish momentum seen in September.
There are several reasons why Bitcoin could reach $70,000 in the coming days or weeks.
Irrespective of the correction, Bitcoin quickly recovered despite the leveraged sell-off. The sharp move on Tuesday showed a “shakeout” of leveraged positions, as Bitcoin’s Open Interest hit an all-time high.
