Bitcoin (BTC) surged past the $65,000 mark in European morning hours on Monday, edging closer to its all-time high of $69,000 set in November 2021. The bullish momentum was fueled by a rise in the value of bets on the cryptocurrency, which reached a record high.
Currently trading at around €61,000, bitcoin has now reached a new peak in terms of the euro, adding to the list of local currencies in which it has set record highs. Over the past 24 hours, bitcoin has seen a gain of over 6%, while the broader Crypto 20 Index (CD20), which measures the performance of the largest cryptocurrencies, rose by 5.6%. Bitcoin is now just 5% away from its previous peak in terms of U.S. dollars.
The futures market is also indicating further potential gains for bitcoin, with open interest hitting an all-time high of $27 billion, according to data from Coinglass. This surge in open interest suggests that new money is entering the market, driving up demand for the cryptocurrency. Additionally, market capitalization has reached a new record of $2.8 trillion, surpassing the previous high set in November 2021.
In the past 24 hours, over $60 million in short positions betting against higher bitcoin prices were liquidated, potentially contributing to the price surge as losing positions were covered. This influx of institutional buying demand, combined with euphoric sentiment and historical gains related to bitcoin’s halving event, has put the cryptocurrency on track to surpass its previous all-time high of $69,000 in March, according to some traders.
The positive outlook for bitcoin’s price trajectory is further supported by the strong market fundamentals and growing interest from investors. As the cryptocurrency market continues to evolve and mature, bitcoin’s resilience and ability to attract new capital are becoming increasingly evident.
Overall, the recent surge in bitcoin’s price highlights the ongoing bullish sentiment surrounding the cryptocurrency and its potential for further growth in the near future. Investors and traders are closely monitoring the market dynamics and developments to capitalize on the opportunities presented by the rising value of bitcoin.