#bitcoin rebounds to $110,000, but weak adoption and massive liquidations point to a fragile recovery
Bitcoin has risen from $108,760 to over $110,000, but the recovery could be short-lived due to weak network adoption, according to on-chain data.
Timothy Misir, head of research at BRN, highlights a bearish momentum with an RSI near oversold, a negative MACD, and a spot CVD of -$199 million, indicating seller dominance and low demand.
Daily active addresses fell to 692,000, reflecting lower activity on the network.
Futures liquidations reached $940 million, with $800 million in long positions, and Ethereum accumulated $320 million in losses.
Although open interest (OI) at #BTC remains high, near 740,000 BTC, OI in CME futures dropped, showing lukewarm institutional interest.
However, OI in BTC options is at its highest since May, and positive funding rates suggest a persistent bullish bias in the market, despite pullbacks in #sol , #xrp , #DOGE , ADA, and LINK.