Bitcoin Holds $112K; NVT Ratio Falls, Open Interest Rises
Bitcoin is trading around $112,306, maintaining support above its ascending trendline near $107,000. Miner demand-supply balance has eased by 6% from its peak to 60%, indicating that issuance remains absorbed but warrants caution. The NVT ratio dropped 12.26% to 26.90, reflecting stronger on-chain transaction activity versus market cap and reducing overvaluation concerns. Open Interest in Bitcoin futures climbed 2.66% to $42.15 billion, signaling heightened derivatives positioning and potential for increased volatility. Key resistance levels are $117,000, $122,000, and $124,000, while a breakdown below $107,000 could expose support at $104,000. Combined on-chain metrics and trendline resilience suggest a neutral-to-bullish stance for traders seeking confirmation of sustainable upside.
Bullish
Bitcoin’s preservation of its ascending trendline around $107,000, alongside a still-positive miner balance and a falling NVT ratio, signals healthy on-chain fundamentals. The uptick in Open Interest to $42.15 billion often precedes higher volatility and stronger directional moves. Historically, similar rises in derivatives positioning—such as during late 2020—coincided with sustained bullish rallies once key supports held. In the short term, traders can expect increased price swings as market participants build positions. Over the long term, if Bitcoin remains above trendline support and on-chain activity continues improving, the outlook stays constructive for renewed upside.