In the early hours of Monday in Europe, Bitcoin crossed the $65,000 mark, getting closer to its all-time high of $69,000 achieved in November 2021. This increase came alongside a rise in bullish bets, reaching a record level.
Bitcoin has reached a new high against the euro, and is currently trading around €61,000. This has added it to list of record highs against various other currencies.
Over the past day, Bitcoin has seen a gain of over 6%, while the CD20 index, which tracks multiple cryptocurrencies, rose by 5.6%. With this recent rise, Bitcoin is now just 5% away from its peak in terms of U.S. dollars.
Signs from the futures market indicate that further gains might be on the way. Open interest, which indicates the number of unsettled futures bets, reached an all-time high of $27 billion. This rise in interest is the entry of new funds into the market. Market capitalization hit a record $2.8 trillion, the previous level of $2.7 trillion set in November 2021, as per data from various sources.
In the past 24 hours, over $60 million worth of short positions, betting against higher bitcoin prices, were liquidated. This likely contributed to the increase in prices as losing positions were closed.
Bitcoin’s open interest has risen to its highest levels ever(coinglass)
Excitement among investors, increased demand from institutions, and the past success related to bitcoin’s halving event are all pushing the cryptocurrency toward beating its previous record of $69,000 in March, as reported by some traders earlier.
