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Bitcoin faced a brief period of volatility and correction, dropping to around $115,000 after two weeks of consolidation below its all-time high of $123,000. However, the price is already recovering, indicating that the bullish momentum persists.
This recovery is driven by strong demand, which quickly absorbed the drop. Data from CryptoQuant shows a significant increase in open interest on major exchanges like Binance, Bybit, and Gate, suggesting that traders are positioning themselves aggressively. These exchanges also registered large transfers of Bitcoin, possibly from institutional investors.
The combination of price recovery and the increase in open interest suggests a shift in market sentiment, with short-term traders re-entering and buyers defending key levels. The coming days will be crucial in determining whether Bitcoin will resume its ascent or remain in a range.