Bitcoin Eyes $80,000 Threshold as Bullish Derivatives Data Mounts

Bitcoin (BTC) recently touched a monthly high of $79,472, marking its strongest 28-day performance since April 2025. This price action is accompanied by a notable shift in derivatives market behavior, suggesting a transition from bearish to neutral-to-bullish sentiment on higher time frames. Data indicates a significant increase in new capital entering the market. The Bitcoin positioning index, which aggregates net taker flow, funding, and exchange balances, has climbed to a 30-day average of 4.5, a sharp recovery from -10.9 recorded in February. This trend is further validated by a 14.5% increase in open interest over the last 30 days. In the short term, aggregated open interest rose 6.7% over the past 24 hours to 260,000 BTC. This build-up followed a 10.7% decline in leverage over the weekend, suggesting that traders deleveraged their positions before establishing new long-term entries. From a technical perspective, BTC has reclaimed its 100-day exponential moving average (EMA) and broken above a descending trendline dating back to October 2025. Immediate resistance is expected at $81,000, followed by a profit-taking zone for short-term holders between $83,000 and $85,000. The most critical overhead resistance lies in the $88,000 to $91,000 range, where significant distribution occurred previously. With the realized price for holders of three to six months sitting at $91,600, this area represents a major decision point. Conversely, a support floor is established between $72,000 and $75,000, supported by mid-term holder realized prices.