Bitcoin Surges Past $65,000, Nearing All-Time High of $69,000

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%. With bitcoin now just 5% away from its previous peak in U.S. dollars, investors are closely watching for further gains.

The futures market also provided positive signals, 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 flowing into the market, driving up demand for bitcoin. Additionally, market capitalization for the cryptocurrency 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 closed out. This influx of bullish sentiment, coupled with institutional buying demand and historical gains related to bitcoin’s halving event, has some traders predicting that bitcoin could surpass its previous all-time high of $69,000 in March.

The overall outlook for bitcoin remains positive, with the cryptocurrency market showing signs of continued growth and investor interest. As bitcoin continues to make strides towards its previous peak, the potential for further gains and new record highs remains a possibility in the near future. Investors and traders are closely monitoring the market dynamics to capitalize on the bullish momentum of bitcoin.