Bitcoin’s derivatives market remains actively leveraged with open interest at 42 billion USD, pointing to bullish positions. However, this could invite downside risks during price fluctuations.
With exchange inflows increasing by 871 BTC (9.28%) in 24 hours, profits may be taken, signaling potential selling pressure. Caution is advised as this trend could dampen Bitcoin’s momentum.
Miners are reducing selling, supporting uptrends, as the NVT metric reflects possible undervaluation. Maintaining the 117,000 USD support level may lead to renewed bullish confidence.
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