Bitcoin climbed to a local high of 70,578 USD after sustaining 65,000 USD as a support level. The current price stands at approximately 69,951 USD, reflecting a 4.31% increase within 24 hours.
Analysts observed that the recent bullish momentum results primarily from short-covering, as over 115 million USD in short positions were liquidated between March 9-10. This indicates potential risks for a pullback amid decreasing leverage in the market.
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