Bitcoin (BTC) Regaining Investor Confidence, Aims to Reclaim the $60K Mark

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

After surging nearly 8% over the last three sessions, Bitcoin took a slight U-turn on Monday, aligning with the broader market recovery. At the time of writing, BTC is headed towards reclaiming the $60K mark, currently exchanging hands at nearly $58.5K.

According to 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 showcases an inflow of 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%.

Recent sessions showcased a recovery that was 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 might experience selling pressure towards it.

At press time, Bitcoin stalled close to $58.5K and slowly 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.

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