The price of bitcoin (BTC) has surged over 12% against the U.S. dollar in the past 24 hours, reaching a unit price of $88,688 by 6:40 p.m. ET. Bitcoin’s rapid climb today, which started from $80,238, ranks as one of its largest daily candles since 2021. This uptick pushed BTC’s market cap to a substantial $1.75 trillion, highlighting its status as a financial powerhouse amid the ongoing bull market.

At press time, BTC is coasting along in the $88.6K range after reaching nearly $89,643.

With bitcoin’s price inching closer to the $90,000 milestone, analysts and investors alike are closely watching whether it can maintain its gains. Today’s surge came alongside notable trading volume, as bitcoin saw $132.84 billion in transactions within 24 hours. A significant number of BTC short positions were liquidated during the price increase, totaling more than $196 million in losses for bearish traders.

Meanwhile, bitcoin futures open interest remains robust, currently at $53.42 billion, signaling sustained investor interest in the crypto’s trajectory. Interest from institutional investors is also mounting, as the 12 spot bitcoin exchange-traded funds (ETFs) recorded $7.14 billion in settled trades today.

This level of institutional engagement is seen by market observers as a potential indicator of prolonged strength for BTC, particularly as spot ETFs offer a more accessible gateway for traditional finance to enter the digital asset space. The crypto market now waits to see if bitcoin can cross the $90,000 threshold, which would mark a new era of highs. Another $10K and BTC will cross the five-digit chasm into the six-digit realm.

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