$BTC Prices gradually climbed back toward 78,000 this morning. Open interest in futures contracts fell by nearly 2% over 24 hours. The funding rate stayed within its normal range and didn’t jump along with the price. Prices have been rising over the past few hours, while total open interest has actually declined.
Seeing that open interest hadn’t picked up, I felt relieved. There were no large orders rushing to chase the rally. Most of this upswing was driven by short covering. With no signs of blind buying at higher prices, leverage in the market doesn’t seem particularly heavy.

Looking at the bigger picture, the recent pullback landed right on the 78,000 daily-chart support zone. After that bearish candle dipped lower, the price recovered fairly quickly. The red bars on the 4-hour MACD are continuing to grow, and the indicator is trending upward.

The daily EMA100 is providing support further down. There are substantial buy orders protecting the lower levels, and the lows on the 15-minute chart are also moving higher. Overall, I’m leaning bullish on the outlook. The support offered by this key level on the higher time frame is still holding.

Now that the price has found support at this level, it will most likely continue upward and test the previous high near 79,000.