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Traders eye .5K Bitcoin price as open interest jumps 13%

Traders eye $71.5K Bitcoin price as open interest jumps 13%

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Source: Coin Telegraph

Bitcoin may be gearing up to move above $70,000 now it has reclaimed a critical level that traders have been closely watching for the past two months.

Bitcoin could be headed toward the $71,500 mark after breaching the $65,000 price point on Tuesday, based on historical patterns as observed by crypto traders. 

The price rebound has also increased interest among future traders betting on Bitcoin’s near-term price movements.

“Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region,” pseudonymous crypto trader Rekt Capital wrote in a July 16 X post, when Bitcoin (BTC) was hovering just shy of $65,000.

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Author: Ciaran Lyons