A CryptoQuant analysis shows that the Bitcoin price action, which has held steady, has diverged from Binance Bitcoin Open Interest data.
Bitcoin has kept its footing above the $104,000 mark, even as geopolitical tensions in the Middle East, especially the Israel-Iran war, continue to dominate headlines.
After briefly dipping to $102,000 on June 13 at the height of the conflict, Bitcoin bounced back and now trades around $105,350. While the price remains steady, market data suggests that a breakout may be just around the corner.
Bitcoin Price Diverges from Binance OI Data
Notably, a CryptoQuant analysis mentions a divergence between Bitcoin’s price and open interest (OI) on Binance. Specifically, while the price has moved sideways, open interest has steadily dropped.
The data shows Bitcoin forming equal lows just above $104,000, a level that has consistently absorbed selling pressure and acted as strong support. At the same time, open interest on Binance has set lower lows, showing that traders have been scaling back leverage and closing positions.
CryptoQuant pointed to a major liquidation cluster near the $104,000 level. Here, long positions got wiped out, with green delta spikes confirming a wave of forced exits by late buyers.
On the other hand, short positions saw very little liquidation, confirming that long traders took the hit. Importantly, this kind of “clean-up” often signals a market reset, clearing out weak hands and setting the stage for a fresh rally.
The timing of this reset aligns with the U.S. Federal Reserve’s decision to keep interest rates unchanged. Historically, rate pauses have helped push risk assets like Bitcoin higher. When that macro backdrop aligns with reduced leverage and washed-out long positions, the setup often favors a bullish move.
Multiple Analysts Expecting a Bitcoin Run
Interestingly, other analysts also believe Bitcoin could be warming up for another run. For one, renowned crypto analyst Michaël van de Poppe disclosed that Bitcoin has started climbing again, a promising signal as it approaches a crucial resistance zone.
He noted that breaking above $108,924 would likely trigger strong upward momentum. He also noted how clearing $106,500 earlier led to a quick run toward $108,000. According to van de Poppe, crossing above $110,000 could set the stage for an aggressive push toward a new all-time high.
Meanwhile, BitBull, another seasoned market watcher, believes Bitcoin is currently playing out a “Power-of-3” formation. He explained that accumulation took place in January and February, followed by manipulation through March and April.
$BTC Power-of-3 pattern formation 👀
➙ Accumulation happened during Jan/Feb 2025
➙ Manipulation happened during March/April 2025
➙ And now, BTC is in the expansion phase.
Options expiry is happening today, both in crypto and stocks.
So, I'm expecting a few more days of… pic.twitter.com/ykJyjewRVV
— BitBull (@AkaBull_) June 20, 2025
Now, he sees the market entering its expansion phase. With options expiring across both crypto and traditional markets, BitBull expects a few more days of consolidation before volatility returns. He projected a move toward the $130,000 to $135,000 range once the breakout begins.
Also, veteran trader Merlijn pointed out that Bitcoin just printed one of the strongest short-term selling deltas in recent history. He sees this as a sign that the market may have hit a local bottom. He urged bearish traders to consider locking in profits, as relief could arrive quickly and unexpectedly.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
