The bitcoin experienced a surge, with $840 million added to its open interest in the last 24 hours, signaling heightened investor interest and the potential for further gains, according to Arkham
A short squeeze saw $73.3 million in Bitcoin short positions liquidated as traders who bet on a price decline were forced to buy back at higher prices, adding fuel to the rally.
Breaking through the $45,000 mark, Bitcoin hit a new 52-week high, marking a significant milestone since January 2023 and indicating robust bullish momentum.
This surge is attributed to growing investor interest, with major economic factors like rising prices and potential rule changes fueling positive momentum.
Investor focuses on the possible approval of a spot bitcoin ETF by the U.S. Securities and Exchange Commission, expected in early January.
This move could open the Bitcoin market to millions more investors. Additionally, optimism surrounds potential interest rate cuts by major central banks in 2024, boosting confidence in cryptocurrencies.
Also Read: Bitcoin Struggles at $110K: Correction or Rebound?
