Bitcoin Rises Over 7% After Six-Week Decline, $70K Becomes Key Level

Bitcoin is poised to close its first weekly gain after six consecutive weeks of losses, rising more than 7% as traders focus on the $70,000 level, AMBCrypto reports. On derivatives markets, nearly $4 billion in new leveraged positions have been added, with Open Interest up 7% to $46.8 billion, while one analyst noted long positions are increasing even as the Long/Short Ratio turned negative, suggesting short bias around potential resistance. Capital flows into BTC ETFs turned negative again after more than $1 billion in inflows over the previous three days, but on-chain data show BlackRock accumulated a net 4,172 BTC (about $303 million) since Feb. 24, bringing total net BTC inflows to $1.58 billion. Analysts cited by AMBCrypto note Bitcoin has entered a historical fear zone that preceded parabolic rallies such as post-FTX and during the COVID crisis, and if current positioning around $70,000 persists, conditions may support a move through resistance.