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 of nearly 2 Billion OI contracts in the recent sessions. As per the data obtained from Santiment, there has been a growth of nearly 20% in the OI contracts in the recent sessions.
The Open interest contracts have surged by nearly $2 Billion, rising from $10 Billion to $12 Billion in the last three sessions. A significant jump in the OI contracts suggested a long buildup and added validation to improved sentiment among the investors.
Bitcoin ETF Inflows are High Again
Along with the surge in the BTC price, Bitcoin ETF inflows have also gained attention. On Tuesday, 11 funds recorded a cumulative net inflow of $422.5 million. It marked the highest single-day tally since June 5, extending a seven-day winning streak, according to a Tweet by Jelle (@CryptoJelleNL).
BlackRock’s IBIT led the way, amassing over $260 million on Tuesday. It accounted for a significant portion of the cumulative inflows. FBTC attracted $61.1 million, while other funds, except GBTC, DEFI, and BTCW, pulled in less than $30 million.
Bitcoin Price Analysis from a Technical Perspective
From a technical standpoint, the BTC price reclaimed bullish territory after a period of uncertainty in July when it dropped below $55K. The bulls reestablished the BTC price above the key exponential moving averages. The key EMAs may act as dynamic support for the Bitcoin price.
Moreover, while connecting Fibonacci from top to bottom, it was observed that the BTC price had surpassed the 0.5 level, i.e., the golden zone of Fibonacci. A breakout above the golden zone of Fibonacci marked a bullish reversal in BTC.
Per the analysts, any pullback towards the $62K may be a good opportunity to execute entries for the bulls and ride the trend. On the higher side, the $70k may act as the next hurdle, opening possibilities toward fresh highs once surpassed.
