Bitcoin surged to a six-week high of $74,400 on Monday, marking its strongest rally since February 4. The move followed a 2.5% daily gain and the liquidation of $300 million in shorts.
The price reclaimed the 50-day simple moving average at $71,120 - a critical support level - and closed above it for the first time in 55 days. This marks the first time since December 2020 that Bitcoin has recorded eight consecutive daily green candles.
Analysts point to rising Bitcoin futures open interest, now at $49.2 billion - up 6% in 24 hours - as a sign of growing momentum. Market observers note that similar patterns preceded past volatility spikes.
Bitcoin also traded above the 200-week EMA and the 2021 all-time high levels of $68,300 and $69,400, reinforcing long-term bullish sentiment.
With Ethereum breaking out of consolidation, some experts predict Bitcoin could target $80,000 in the coming months.