Amid a highly volatile and slightly bearish market, BTC is trading at $58,275 today with an intraday gain of 1.25%. Despite the recent recovery, BTC is still trading below its 200-day EMA. Moreover, the 20-day EMA is also inching towards a bearish crossover with the 200-day EMA.
Even so, the demand is hinting at a potential as fundamentals shift towards a bullish trend. As the previous candle showed a decline in price and formed a long pin from the $56,000 support level, the phenomenon proves that the bulls are not giving up.
As the bullish sentiment increases, the derivatives market supports the price increase of BTC. This is indicated by the increase in Bitcoin open interest, which climbed from $26.65 billion to $29.35 billion in 10 days.
