$BTC is moving into a critical technical phase as futures positioning begins to shift across major derivatives venues.
The 30-day change in Binance $ETH Futures Power is currently flashing a structure that has historically preceded strong Bitcoin recoveries. In prior cycles, rebounds from deeply negative readings toward the 0.6 region marked a transition from positioning exhaustion to renewed upside momentum.
Price action is now starting to reflect that shift.
Bitcoin is stabilizing while leverage pressure continues to unwind, a condition that often signals seller dominance weakening rather than aggressive distribution.
If this momentum structure continues to build, the next phase is likely a volatility expansion, with risk skewed to the upside as derivatives markets rotate back into accumulation mode.
Bitcoin appears to be rebuilding its trend base, and the liquidity backdrop is beginning to align with a potential breakout setup.
Markets turn first in positioning.
Price follows later.