Bitcoin's price has made a remarkable recovery, boosting market sentiment and spreading optimism to the altcoin market. This upswing has led some altcoins to reach new heights, hinting at a potential trend reversal.

The demand for Bitcoin has surged, driving its price above $70,000. A significant increase in trading volume, up 27%, suggests that this upward trend may continue. While buyers remain cautious, the recent price trend indicates a short-term rounding bottom formation, gaining momentum after retesting.

Currently, Bitcoin is trading at around $71,000, with a 0.96% increase in the last 24 hours. The strong bullish momentum suggests further price increases. Spot Bitcoin ETFs have also seen a significant net inflow of $886 million, marking the 16th consecutive positive day. This reinforces positive market sentiment, with long-term traders willing to pay a premium to short sellers. The growth in open interest, up 15.76% in the last seven days, supports the ongoing bullish trend in the derivatives market.

In conclusion, Bitcoin's price rise reflects increased market optimism, with a potential path to new heights. As the demand surge continues, buyers remain cautious but optimistic about the future of the cryptocurrency market. With strong bullish momentum and growing open interest, Bitcoin's price may continue to soar, reaching new all-time highs.