Bitcoin surges past $66,000 for the first time since September, sparking optimism among traders who predict it could soon breach the $70,000 threshold. Recent Tether inflows into exchanges signal a solid foundation for ongoing buying pressure, enhancing Bitcoin’s upward trajectory. The surge has been fueled by a rapid uptick in trading volume and a rise in DeFi liquidations reaching their second-highest level in over three months. Increased open interest for Bitcoin call options and demand for long positions in futures contracts indicate a bullish sentiment towards the $70,000 mark. The influx of Tether onto exchanges also provides further validity to Bitcoin’s rally, with Tether inflows typically implying an intent to invest and bolster market bullishness.
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