BTC panic selling wanes amid Mideast tensions, eyes on $71.5K breakout

Bitcoin has rebounded to the $70,000 level amid geopolitical tensions, with analysis suggesting that selling pressure has significantly eased. Cointelegraph reported that, according to data from Glassnode, the volume of BTC transferred at a loss by short-term holders has decreased to around 3,700 BTC over a 24-hour period. This is a sharp decline from the 89,000 BTC transferred during a large-scale sell-off in early February. Deleveraging has also occurred in the derivatives market, with open interest on Binance shrinking by approximately 25% since the beginning of the year. With spot buying also confirmed, the market is now focused on whether BTC can break through the $70,000 to $71,500 range. The analysis suggests that if this zone is converted into support, a potential rally toward the $80,000s could follow.