BTC briefly topped the $57,000 level early Tuesday to reach its highest price since November 2021 on the back of multiple catalysts, such as rising volumes on spot bitcoin exchange-traded funds (ETF) and institutional buying.
Covering shorts may have contributed to the asset's strength since the start of this week. Data from CoinGlass show short bets have lost over $180 million since Sunday. Still, open interest jumped from $48 billion to nearly $54 billion - showing a rise in bullish bets as traders expected volatility.
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