Bitcoin price has shown signs of rebounding, trading 6% below its all-time high, with specific market indicators hinting at further upside potential. Key resistance at $108,000 could pave the way for price breakthroughs. Analysts observe a divergence in open interest (OI), with recent data indicating progressive deleveraging in the derivatives market, contrasting with Bitcoin's price approach to its peak in late May. This discrepancy suggests a cleansing of latecomer long positions, coinciding with economic stability provided by the Federal Reserve's decision to maintain interest rates. Furthermore, the Bitcoin Market Value Realized Value (MVRV) has returned to its average, indicating a reset in market conditions which might be conducive for new price movements. Despite this optimism, the likelihood of hitting new highs before July appears minimal, estimated at only 16%.

Source 🔗