Bitcoin is approaching $ 70,000

On Thursday, February 26, the cryptocurrency market demonstrated a rare «green day»: the total capitalization grew by 3.7% and added about $ 120 billion, reaching 2.43 trillion. Analysts note that after a recent test of $ 60,000, bitcoin has again approached the $ 70,000 mark, which has returned optimism to the market.

However, some experts warn of the possibility of a bull trap, a false signal of growth. Chiefy analyst said that the bitcoin chart BTC $67,769.32 Mezo Wrapped BTC 4.49% Market capitalization $37.2 million VOL. 24 hours $1.99 billion «literally repeats» the dynamics of 2022, and predicts a drop to $ 44,000 within ten days. According to CryptoQuant, the current movement is more of a «ref rally,» meaning a short-term rebound after a decline.

Data on the Fund Flow Ratio shows a low level of BTC inflows to the Binance exchange, which reduces selling pressure and may create conditions for short-term growth. Analysts suggest that if the rate remains low, a «short squeeze» is possible — a sharp price increase due to the closure of short positions.

Another interpretation was offered by a Bull Theory analyst: after the lawsuit against Jane Street and the cessation of manipulation, the market added more than $ 200 billion in just two days. This is the first time in two months that there has been no continuous selling.

MN Fund founder Michael van de Poppe emphasized that regardless of the reasons — whether manipulation, options, or correlation with technology companies — the current valuation of bitcoin remains «extremely low.» Thus, the market is between two scenarios: a short-term rebound or the beginning of a new stage of growth.