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Bitcoin has been moving a bit interestingly lately. It has risen close to $71,000, but looking at the traders' behavior, it seems many are cautious about downside risks from here. Apparently, buy support orders are increasing, creating a kind of support level.
In the short term, upward movement might be heavy. The price action around this area feels like it's being influenced by institutional investors and large traders. Many are probably adjusting their positions to prepare for downside risks, so rather than aggressively aiming for higher prices, it might be wiser to wait and see for now.
Market sentiment suggests that the key will be how the price moves from here. Whether the support levels hold firmly is the point to watch.