Bitcoin price surged to $53,000 today. Cointelegraph explains why.
Bitcoin (BTC) price rallied to a new 2024 high at $53,019 on Feb. 20, before abruptly selling off to $50,000 on some exchanges. Traders are citing consistent spot BTC ETF inflows and the upcoming supply halving event as major factors behind the price move, and at the time of publishing, BTC price trades above $52,100.
Let’s take a look at the primary reasons why the Bitcoin price is volatile today.
Bitcoin futures open interest (OI) has hit a new yearly high, reaching levels last seen in Number 2021. This indicates increased trading activity around the largest cryptocurrency by market capitalization.
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Source: https://cointelegraph.com/news/bitcoin-price-rejects-at-53k-as-futures-open-interest-hits-a-2-year-high