Bitcoin's price is consistently trading about 6% below its all-time highs, yet market indicators hint at potential upside. The cryptocurrency has seen a 10% rebound since June 5, with a recent peak near $110,800 on June 9. Analysts have noted a critical divergence in open interest on Binance and signs of liquidation exhaustion, suggesting BTC is positioned for upward momentum, especially if it can surpass the resistance level at $108,000. Data indicates that Bitcoin's price approached its previous high in late May, but declining open interest revealed a cleansing of latecomer longs. This situation is supported by macroeconomic signals, such as stable interest rates, which traditionally serve as a tailwind for Bitcoin. Furthermore, Bitcoin's market value realized value (MVRV) is returning to the mean, indicating that the market may be resetting towards a potential breakout. However, despite optimism, analysts estimate only a 16% chance that Bitcoin will achieve new highs before July. The upcoming weeks will be critical as Bitcoin moves within the range of $103,000 to $109,000, possibly preparing for a significant price discovery phase.

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