Bitcoin has reached a new year-high of $31.7k, indicating bullish conviction from speculators as Open Interest rose by $1B. This comes after BTC was stuck in a tight price range for over three weeks following its solid bullish performance in late June. Altcoins also registered good gains, with the global crypto market cap rising to $1.25 trillion, a 5.77% increase over 24 hours. The positive reaction from market speculators highlights the steady buying pressure behind Bitcoin.
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