Bitcoin (BTC) Market Starts the Week on a Strong Note, Price Climbs Back to $64K

The Bitcoin market has started the week on a strong note, with its price recently climbing back to $64K. TradingView's 1-day chart data shows the token surged by 2.87% in just 24 hours.

Surging by 2.87% in just 24 hours, Bitcoin's price recently climbed back to $64K, according to TradingView's 1-day chart data. This recovery comes amid rising tensions between Iran and Israel, and many are left wondering if recent events involving Donald Trump and Elon Musk are contributing to the optimistic outlook.

At press time, BTC trades at approximately $63,403, hinting at resilience and potential for continued growth. Meanwhile, the token's intraday market capitalization has also reclaimed its lost ground, standing above $1.253 trillion and reaffirming its status as the dominant cryptocurrency in the market.

Further analysis reveals a 107% surge in trading volume, which now totals an impressive $25.164 billion in the last day. This increase signals a heightened interest from investors and traders, suggesting potential for further price appreciation in the days ahead.

On-chain metrics from CoinGlass also reveal positive signs for Bitcoin, particularly in its open interest (OI)-weighted funding rate, which remains consistently positive. This trend indicates that long positions are outpacing short ones. Over the last 24 hours, the funding rate has climbed by 0.0035%, showing that traders holding long positions are willing to pay a premium to maintain their stance.

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