Over the past few months, Bitcoin experienced periods of significant futures market activity, especially during rallies approaching the $70K–$90K levels.
These rallies coincided with heating and overheating phases, as shown by the dense red clusters, which historically have led to corrections or consolidations.
However, the most recent market behavior paints a different picture.
Despite Bitcoin trading close to the $123K mark, the volume bubble map indicates a transition back into neutral and even cooling phases (grey and green bubbles), suggesting reduced speculative pressure in the futures market. This cooling off, despite elevated prices, highlights a reset in leverage and de-risking behavior among traders.
From an on-chain perspective, such market cooling after overheating is often a healthy signal, indicating that the price is being supported by organic demand rather than excessive leverage.
The fact that Bitcoin has climbed above $100K while futures volume shows signs of normalization strengthens the bullish outlook, as the market avoids the pitfalls of overheated speculation.
If the current trend of low speculative pressure persists, Bitcoin could be poised for another impulsive leg to the upside, potentially toward a new all-time high beyond $123K.
Written by ShayanMarkets
