Bitcoin Derivatives Signal Bullish Surge as BTC Crosses $66,000!

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Bitcoin’s price soared past the $66,000 mark, rising nearly 8% last night, driven by strong bullish sentiment in the derivatives market. The current funding rate of 0.00869196 underscores long traders’ dominance, while the buy-to-sell ratio of 0.525 to 0.475 reflects a prevalent buying interest. Open interest has hit $16.1 billion, with a significant 24-hour increase of +10.84%, indicating heightened liquidity and volatility.

Moreover, in the past 24 hours, $50.7 million in short positions were liquidated compared to $8.8 million in long positions, further reinforcing the bullish trend. This data highlights the growing confidence in Bitcoin, setting the stage for potential further gains to potentially reach $70,000 this week.