Bitcoin Reclaims $100,000 Support With 4.07% Open Interest Surge

Bitcoin has shown remarkable resilience since mid-June, reclaiming support above $100,000 with conviction. This rebound is aligned with a rising Relative Strength Index (RSI) and strong Fibonacci support, suggesting deeper conviction in the bounce. The convergence of miner confidence and whale accumulation paints a bullish backdrop, with Bitcoin trading at $106,654 at press time.

Over $240 million in Bitcoin left exchanges, signaling aggressive accumulation rather than fear. This shift is particularly notable among miners, as BTC.com’s Miner to Exchange Flow dropped to yearly lows just as the price held above $100,000. Historically, this has been one of the most consistent sell indicators, suggesting that miners are confident in the current price levels.

Open Interest in Bitcoin derivatives surged by 4.07% in 24 hours, reaching $33.97 billion across platforms. This uptick implies that traders are re-entering the market with renewed leverage exposure. However, the absence of major price swings alongside this rise suggests a buildup phase, often preceding explosive volatility. Funding Rates remained slightly negative at -0.0009%, indicating healthy long/short dynamics without overcrowding.

Network activity metrics present a nuanced picture of current sentiment. Active Addresses rose by 5.84% this week, reflecting stronger user engagement. However, New Addresses fell by 1.25%, indicating that recent activity came from existing participants rather than new entrants. Zero Balance Addresses surged by 13.24%, possibly due to wallet consolidation or redistribution, not panic selling. These diverging patterns imply a reshuffling among existing participants rather than a flood of new investors, providing a foundation for sustained demand should broader interest return.

Bitcoin’s scarcity has skyrocketed, with the Stock-to-Flow Ratio surging to an unprecedented 757, the highest level in recent years. Historically, such elevated S2F ratios have coincided with major bull runs, especially when paired with strong accumulation trends. When combined with growing demand, this scenario of high scarcity creates a favorable environment for long-term price appreciation.

Bitcoin found solid support around the $100,000–$102,000 zone, aligning with a key Fibonacci cluster. The bounce has pushed the price back above $106,000, while the RSI climbed to 54.12, signaling renewed strength without overbought conditions. If bulls maintain momentum, key resistance levels lie around $110,000, $112,000, and $119,000. This recovery from strong support, combined with healthy momentum, could fuel a retest of higher Fibonacci extensions in the near term.

Conclusively, Bitcoin’s recent price stability above $100,000 is not accidental—it is supported by declining miner outflows, rising Open Interest, and deep on-chain accumulation. The convergence of reduced selling pressure, record-high scarcity, and technical recovery sets a strong stage for the next bullish phase.