Bitcoin nears 65,000K: Reasons for recent surge

Bitcoin started the new week with a strong rise and is now approaching the US$65,000/€60,000 mark.

According to data from Tradingview, Bitcoin's value stands at $64,500 at the time of writing, up nearly 3 percent in the past 24 hours.

There are several reasons for this increase. One major factor is the increase in the Open Interest (OI). on the derivatives markets, which has risen nearly 4 percent in the past 24 hours. This indicates that investors are increasingly opening Long or Short positions on Bitcoin, speculating on future price movements.

At present, Long positions seem to be preferred. According to Coinglass traders who gambled on falling prices were punished, with about US$115 million in Short positions liquidated in the past 24 hours.

Another possible explanation for the rise is the good performance of the S&P 500 last week, with which Bitcoin is increasingly highly correlated.