Bitcoin futures have shown an increase in long positions as open interest has risen by 7% over the past month, indicating a bullish sentiment among traders. This recovery comes after a significant drawdown in prices from May to June. A market momentum indicator suggests growing long-side buy pressure and a net futures positioning increasing to $27.4 million, reflecting a consolidated bullish stance even as Bitcoin is currently trading around $108,000. Despite facing a potential dip to around $107,300, which could target resting liquidity and trigger a stop-loss hunt, traders are optimistic that strong buying support will enable Bitcoin to break above recent resistance levels. If Bitcoin maintains support at $108,000 and breaks above $109,500, bullish momentum could push prices towards $112,000 within the week. Analysts caution that for a confirmed breakout, open interest growth needs to exceed 10% alongside increased trading volumes for sustained upward movement. Overall, while the current indicators show potential for growth, the market remains vigilant about larger shifts in price dynamics.

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