Key takeaways:<\/strong><\/p>\n Bitcoin price trades 6% below all-time highs, but several market signals suggest more upside ahead.<\/p>\n<\/li>\n Bitcoin is poised for a breakout to all-time highs if a key resistance level at $108,000 is broken.<\/p>\n<\/li>\n<\/ul>\n Bitcoin (BTC<\/a>) price has rebounded 10% since June 5, reaching near-all-time highs at $110,800 on June 9. Meanwhile, analysts say declining open interest and \u201cliquidation exhaustion\u201d suggest that BTC price is primed for the next move.<\/p>\n Onchain data reveals a notable divergence between Bitcoin\u2019s price and Binance open interest<\/a> (OI), showing progressive deleveraging across the derivatives market.\u00a0<\/p>\n While Bitcoin price came within 1.3% of its all-time high on May 27, Binance OI failed to reach its previous peak in late May, according to data from CryptoQuant. Instead, a distinct divergence has emerged with this metric recording a series of lower lows, as shown in the chart below.\u00a0<\/p>\n Similarly, the Binance Liquidation Delta chart highlights a sharp liquidation cluster around $104,000, where long positions were forcefully closed when the price dipped below this level<\/a> on June 13.<\/p>\n Related: <\/strong><\/em>Bitcoiners split on $94K or $114K for BTC\u2019s next move as it trades sideways<\/strong><\/em><\/a><\/p>\n The market correction<\/a>, triggered by Israel\u2019s attack on Iran, saw over $453 billion in long Bitcoin liquidated against $59.8 million short positions.\u00a0<\/p>\n According to CryptoQuant analyst Amr Taha, this reflects \u201ccleansing of latecomers chasing the rally,\u201d which coincides with the Fed\u2019s decision to leave interest rates unchanged.\u00a0<\/p>\n \u201cThis macroeconomic signal often acts as a tailwind for risk-on assets like Bitcoin,\u201d Amr Taha said<\/a> in a June 19 QuickTake, adding:\u00a0<\/p>\n \u2018Historically, BTC has shown bullish tendencies following rate stabilization, especially when paired with signs of liquidation exhaustion and fading open interest.\u201d<\/p><\/blockquote>\n Another significant observation is the position of Bitcoin\u2019s market value realized value (MVRV) around its mean.<\/p>\n \u201cThe Bitcoin Short-Term Holder MVRV has returned to the mean despite price nearing all-time highs,\u201d said<\/a> Bitcoin analyst On-Chain College in a June 20 post on X, adding:<\/p>\n \u201cThe market has reset and looks primed for the next move.\u201d<\/p><\/blockquote>\n Bitcoin price remained range-bound on Thursday below $105,000, per data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>.<\/p>\n \u201cBitcoin trending back upward, which is a great sign,\u201d said MN Capital founder Michael van de Poppe in a June 20 post on X.<\/p>\n An accompanying chart showed a key resistance zone at $108,000, which BTC bulls needed to break to trigger an upward movement.<\/p>\n \u201cFacing the crucial resistance zone, through which we’re about to hit a new all-time high once we break through this resistance zone.\u201d<\/p><\/blockquote>\n As Cointelegraph reported<\/a>, BTC price is expected to exit its narrow range between $103,000 and $109,00 this month in a move that would usher it into price discovery.<\/p>\n Although several analysts believe Bitcoin will go above $120,000 this summer<\/a>, the odds of this happening before July stand at only 16%, according to Polymarket data<\/a>.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n\n
Bitcoins Is OI divergence bullish for Bitcoin price?<\/h2>\n
Bitcoins What next Bitcoin price?<\/h2>\n