🔮 BTC’s Potential to Reach $70K
Glassnode founders Jan Happel and Yann Allemann believe Bitcoin (BTC) is well-positioned to retest $70K. They warn that shorts targeting $68K-$69K might face severe liquidations, especially as BTC continues its consolidation following its March high.

📈 Reasons for the Rally
According to Swissblock, BTC’s potential rise to $70K is supported by low-risk levels and increased network activity. The asset’s risk profile has shifted from high to low, similar to previous recoveries in May, June, and July, which followed low-risk signals.

🌐 Network Growth and Liquidity
Swissblock notes improved Bitcoin network growth, challenging previous highs and breaking downward trends. Although network liquidity has lagged, slow improvements could boost BTC. Negative funding rates in BTC perpetual markets might also fuel a stronger rise if liquidations occur.

📉 Funding Rates and Market Dynamics
Negative funding rates, linked to US spot BTC ETFs and recent BTC staking on the Babylon platform, could impact BTC’s price. VanEck supports this positive outlook, but CryptoQuant cautions that over-leverage might trigger a price reversal, as seen in past trends.