Bitcoin Surges Over 3% to Reach Three-Week

Short and Medium-Term Selling Pressure

Bitcoin Surges Over 3% to Reach Three-Week The resurgence in Bitcoin’s price can be attributed

to the continued covering of short and medium-term selling positions and the increasing interest from traders in the upward movement of prices. This shift comes as interest rates transition from

the negative side to the positive side, encouraging more traders to take bullish positions in the market.

Bitcoin Price Today Bitcoin Surges Over 3% to Reach Three-Week

On the “Bitstamp” exchange, the price of Bitcoin witnessed a notable increase

of approximately $889, equivalent to over 3.3%, reaching $27,422. This is the highest Bitcoin has been since August 31st when it opened at $26,533 and reached its lowest point at $26,382.

Upon Sunday’s closing on the Bitstamp exchange, Bitcoin prices experienced

a 0.1% decrease, marking the second consecutive daily loss, primarily driven by profit-taking activities.

Bitcoin’s Weekly Performance Bitcoin Surges Over 3% to Reach Three-Week

Over the past week, the world’s largest cryptocurrency, Bitcoin, saw a 2.7% increase, marking its first weekly gain in the last five weeks. This gain was fueled by increased buying activity at lower price levels.

Market Capitalization Soars

On Monday, the total market capitalization of digital currencies surged by mor

e than $30 billion, reaching a total of $1.083 trillion. This level is the highest since late August, as Bitcoin, Ethereum, and other major cryptocurrencies are experiencing a broad uptrend.

Decline in Open Interest

The cash value associated with the number of active trading positions in the futures and spot markets on platforms like Binance, Bybit, and Deribit is visibly declining. This is primarily due to bearish traders rushing to cover short and medium-term selling positions.

This acceleration has led to a shift in interest rates from the negative side to the positive side, attracting many traders who anticipate price increases.

Positive Financing Rates

Positive financing rates are encouraging more traders in the cryptocurrency assets to position themselves on the bullish side of the market. Negative rates typically indicate a bias towards a bearish stance, whereas positive rates suggest the opposite.

Future Expectations

Market analyst Simon Peters from eToro remarks that price movements may remain tense in the coming days as we await key data releases from the United Kingdom and the United States. Central banks in both countries are expected to announce new interest rate decisions later this week.

Peters adds that despite the decrease in inflation in both countries

, there are indications that this decline may not be fully felt yet. Like other high-risk assets, cryptocurrencies are sensitive to interest rate expectations, so any tightening of monetary policy could dampen investor sentiment.

In conclusion, Bitcoin’s recent surge is a result of shifting market

dynamics, with traders increasingly favoring long positions and a positive financing environment. The cryptocurrency

market continues to exhibit strength, and upcoming central bank decisions will play a significant role in shaping its future trajectory.