Bitcoin (BTC) extends its gains on Tuesday and trades around $71,000 after bouncing from a key technical level last week.
Bitcoin price today: $71,000 Bitcoin trades above $71,000 on Tuesday after bouncing from a key technical level on the weekly chart, signaling chances of hitting a new all-time high in the short term. US spot Bitcoin ETF s posted $472.6 million in inflows on Monday, extending the gains seen last week. The long-to-short ratio jumps to the highest level in October, while Open Interest for BTC reaches a new high of $42.23 billion.
The Relative Strength Index momentum indicator on the weekly chart trades at 60, above its neutral level of 50 and still far below overbought conditions, suggesting bullish momentum is gaining traction. BTC/USDT weekly chart The daily chart also indicates signs of bullish price action. On Friday, Bitcoin price retested and found support around $66,000, rising 4.89% until Monday. As of Tuesday, it continues to extend its gains.
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