Bitcoin Consolidates at $69K-$71K After $61K Slide, Analysts Eye $85K Test
Bitcoin rose 1.46% over the weekend to $70,300, recovering from a Thursday drop below $61,000 and stabilizing in a $69,000-$71,000 range. Trading volume plunged 32%, open interest slid to $46.07 billion, and analysts anticipate retests of $85,000 after $336 million in liquidations, including $236 million in bearish bets.
1. Weekend Price Recovery
Bitcoin climbed 1.46% over the weekend to around $70,274, recovering from a drop below $61,000 on Thursday and trading within a $69,000-$71,000 range.
2. Volume, Liquidations and Open Interest
Trading volume declined 32% in 24 hours while over $336 million was liquidated, including $236 million in short positions, and open interest eased 0.94% to $46.07 billion, more than 50% below its October peak.
3. Analyst Outlook on $85K
Market commentators highlight the importance of holding above the 2021 all-time high and project potential retests of $85,000 as Bitcoin consolidates in its current trading band.