Bitcoin Bulls Battle to Maintain $34K as CME BTC Open Interest Tops 100K

Bitcoin is currently struggling to maintain the $34,000 level after a strong rally and short squeeze pushed its price above $35,000. Institutional investors' growing interest in Bitcoin is evident through the surge in CME BTC volumes and open interest, with the latter surpassing 100,000 BTC. The anticipation of a spot Bitcoin exchange-traded fund (ETF) approval by the Securities and Exchange Commission and other near-term factors are contributing to the price rally. Additionally, there are signs of a decoupling between Bitcoin and equities, leading to unexpected market reactions.