The Bitcoin price made a sharp U-turn in its trajectory last week and surged higher, erasing the previous losses. This week, BTC resumed its bullish trajectory and impulsively moved toward the $65K level.
The recent surge erased the anticipation of another fall and boosted the investors’ confidence.
On a daily chart, Bitcoin price hovered above the 50-day and 200-day Exponential Moving Averages. It seemed to have reclaimed the bullish territory and may continue to show gains.
Recent sessions also show a significant 20% rise in open interest, suggesting solid investor confidence. Bitcoin ETF inflows have also hit a six-week high, signaling the return of the bulls.
BTC Open Interest Contracts Surged 20%
The recent surge reaffirmed the bulls’ dominance in the short-term trend. When writing, Bitcoin exchanged hands close to $65,650, suggesting a positive intraday development of 0.54% a day.
One key factor contributing to the positive momentum was the addition o
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