Bitcoin has tested the $96.5K mark, a critical resistance level that could lead to further price increases if surpassed. Open Interest has surged, indicating renewed market participation without excessive leverage. This momentum is supported by rising Open Interest, which historically precedes strong price movements.
Importantly, Funding Rates have remained balanced, and Binance data shows shorts in control, suggesting a healthy, two-sided market. At press time, BTC was trading at $96,398.33, down 0.36% over the last 24 hours.
Exchange reserves for Bitcoin have decreased to $238.31 billion, reflecting a 0.67% drop. This decline indicates that investors are moving BTC off exchanges, typically a bullish signal due to reduced sell-side pressure. Additionally, netflow stood at -4.33K BTC, showing a +2.45% shift toward outflows, highlighting growing accumulation behavior.
Network engagement is increasing, with Daily Active Bitcoin Addresses reaching 924.55K, among the highest levels this year. This rise reflects increased blockchain activity and broader interest in Bitcoin transactions. Historically, higher Active Address counts have accompanied sustained bullish phases, supporting the current recovery narrative.
Profitability is returning but remains below concerning levels. The MVRV Z-score climbed to 2.42, marking a significant recovery from its March lows. While this level suggests that holders are becoming more profitable, it remains below the danger zone historically associated with major tops.
BTC is currently testing resistance near $96.5K, aligned with the 0.236 Fibonacci retracement zone. The RSI reads 68.30—near overbought but not yet overheated. If BTC flips the $96.5K–$97K range into support, a breakout toward previous highs may follow.
Given the healthy rise in Open Interest, easing Exchange Reserves, and growing network activity, Bitcoin’s current rally appears fundamentally supported. The MVRV ratio confirms that the market is not yet overvalued, while technical indicators point to a potential breakout. Therefore, Bitcoin looks well-positioned to sustain its momentum if it successfully breaches the $97K resistance zone in the coming days.
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