July 4 (Cointime) - Bitcoin has surged above $31,000 due to a sudden increase in open interest, indicating a rise in trading activity and speculative interest. Analysts suggest that the longer and tighter a price is suppressed, the more dramatic the reaction when it eventually breaks free, leading to a bullish rebound after Bitcoin's price had been under pressure.
The cryptocurrency now faces key resistance at the $30,500 level, but there is a rising buying pressure and momentum is shifting towards the bulls. Additionally, Bitcoin's correlation with the S&P 500 has returned to zero, making it an appealing hedge against potential volatility in traditional markets.
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