Bitcoin futures are seeing a significant adjustment with a drop of $1.25 billion in open interest, now totaling $80.8 billion. Analysts characterize this as a healthy market reset aimed at eliminating excessive leverage rather than a warning sign. Key support remains around $112,000 for Bitcoin. Analysts suggest that the market is currently in a cooldown phase, following recent volatility peaks. Future price direction for Bitcoin may depend on macroeconomic signals, with potential upward movement towards $120,000 if the Federal Reserve indicates a dovish stance, or testing support at $110,000 if more hawkish signals are given. The macroeconomic landscape remains uncertain, particularly following comments from Federal Reserve Chair Jerome Powell regarding inflation and monetary policy dynamics. Investors are advised to monitor upcoming consumer spending data for further indications of market trends. Overall, while there is caution due to lower trading volumes, there's optimism for recovery depending on forthcoming economic data.

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