Bitcoin Price Recovery Hinges on Clearing $70,000 Barrier, Nexo Analyst Warns

Bitcoin price has risen nearly 5% in the past 24 hours, reaching $68,000. However, it failed to hold above $70,000, a critical zone that needs to be cleared for a complete recovery. Despite bullish technical signals, underlying demand remains weak, with trading volume down 58% from previous highs and open interest dropping sharply. A Nexo analyst believes that Bitcoin's recovery lacks conviction and needs to overcome this hurdle to confirm a breakout.