Bitcoin noted a sharp U-turn after surging nearly 8% over the last three sessions. Aligning with the broader market recovery, BTC is headed upwards to reclaim the $60K mark.
At the time of writing, Bitcoin was exchanging hands at nearly $58.5K.
There has been an inflow of $600 Million in the Open Interest in BTC over the last three sessions. The rising open interests have inspired bullishness among investors as BTC bounced back.
The price resigned above the 200 day EMA, highlighting buyer strength. However, the bulls need to maintain this buying pressure to recover fully.
Bitcoin is Regaining Investor Confidence
Earlier, Bitcoin noted a sharp decline after plummeting below a psychological $60K mark. BTC experienced strong selling pressure towards the $54K, liquidating nearly $2 Billion long contracts.
However, the recent scenario has shifted towards the bullish side. As per the data obtained by an on-chain analytics website app.santiment.net, recent sessions have shown a robust increase in open interest contracts. The OI data has jumped by nearly $600 Million from $9.7 Million to $10.3 Million over the last three sessions.
Moreover, the intraday transaction volume surged by a swift 2% and was at $28.52 Billion at the time of writing. BTC dominates the cryptocurrency market with a live market capitalization of $1.135 Trillion and a dominance of nearly 53.5%.
Is it Easy for Bulls to Reclaim the $60K Mark?
Recent sessions showed a recovery initiated by the bulls. The rise in the open interest data reveals the confidence of the investors at the lower levels. On the higher side, $60K may function as a supply level, BTC may face rejection near it.
At press time, Bitcoin stalled close to $58.5K and slowly and steadily rose towards the $60K level. Now, if the bulls successfully hold the price above the 200 day EMA, BTC may continue to show recovery.
On the contrary, if the selling pressure rises intraday and the price looms around it, it may indicate the presence of bears at the higher levels. The RSI and SMA line displays a bullish divergence on the chart, highlighting a steady recovery in the upcoming sessions.
What’s Ahead for Bitcoin?
Bitcoin has made a significant recovery, surging 8% in recent sessions. With BTC was trading near the $58.5K mark, the bulls are aiming to reclaim the $60K mark. A notable $600 Million inflow into Bitcoin’s Open Interest contracts has fueled investor optimism.
The On-chain data shows a jump in Open Interest from $9.7 Million to $10.3 Million, highlighting investor confidence. BTC surpassed the 200 day EMA, however, the bulls need to retain at higher levels for a continued recovery.
However, intraday selling could signal bearish presence, risking further declines despite bullish indicators like RSI and SMA showing a positive divergence
