On June 7, 2025, Bitcoin's price surpassed $105,000, marking a recovery following recent market volatility. The surge comes despite a bearish sentiment in the derivatives market, according to on-chain data from Alphractal. This data suggests a potential contrarian move, with the market often reacting against the prevailing crowd sentiment.
Alphractal's analysis highlights a rise in short positions among retail traders, indicating expectations of a price decline. However, the firm notes that such sentiment can be a precursor to a market rebound. Historically, Bitcoin has shown a tendency to move in the opposite direction of the majority's bets, suggesting a potential for further price increases.
As of this writing, Bitcoin is trading around $105,700, reflecting a nearly 2% increase in the last 24 hours. The cryptocurrency is up over 1% on the weekly timeframe. This recent performance suggests a continued upward trajectory, potentially reaching new all-time highs if the current trend persists.