Why Is Bitcoin Price Up Today? BTC Climbs Above $27,000

Why Is Bitcoin Price Up Today? BTC Climbs Above $27,000

The Bitcoin price is sustaining its bullish momentum from the previous day. Today, it surpassed the $27,000 threshold, a level not seen since August 31. Notably, BTC recorded its first green weekly closing candle in five weeks yesterday. As of press time, the Bitcoin price has reached an intra-day high of $27,267.

Why Is Bitcoin Price Up Today?

One major indicator that has captured analysts’ attention is the rapid increase in Open Interest. DaanCrypto, a noted figure in the crypto space, commented on the Open Interest of Bitcoin: “Bitcoin Open Interest has been ramping up like crazy these past few hours. Up +$850M in hours.” According to him, this can be an issue if spot bid disappears which could cause for a full retrace similar

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