#CanBitcoinReclaim$70K? $BTC: Reversal or Technical Bounce?

After the drop to ~$60k Bitcoin quickly recovered and brought the market back to “optimism.” But the structural question remains: is this the start of a new impulse or a recovery within a broader correction?

1️⃣ Derivatives and Open Interest (OI)

During the decline, OI significantly decreased — a classic sign that the downward movement was largely driven by:

• liquidations

• closing leveraged positions

• reducing overall market risk

“Lever compression” often stabilizes the market (removes overheating), but by itself, it does not prove that a new sustainable demand has formed.