Bitcoin’s breakout above $60,000 seems to have triggered a new spark of optimism among traders. The market has been flat for most of August after experiencing a significant drop at the beginning of the month, which is why the relatively slight price increase above the $60,000 threshold was enough to inject the market with a significant amount of capital.
This is evident in the spike in open interest between Aug. 21 and Aug. 22. Data from CoinGlass showed that open interest in Bitcoin futures increased from $30.21 billion to $32.08 billion in 24 hours.
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