Bitcoin (BTC) is trading above $107,000, close to its all-time high (ATH). However, on-chain data suggests a potential short-term correction or consolidation. A divergence between BTC's price and Binance Open Interest indicates a cautious near-term outlook. While BTC formed an equivalent high, Binance Open Interest recorded a lower high, signaling a disconnect between price movement and futures market participation.
BTC retested $110,000 after softer-than-expected US inflation data, but Binance Open Interest failed to revisit its May 2025 peak, suggesting weakening participation in the futures market. Over $750 million in stablecoins were recently withdrawn from derivatives exchanges, indicating capital rotation or hedging activity. BTC's failure to decisively break through its ATH, combined with the lack of confirmation from Binance Open Interest and repeated stablecoin outflows, increases the likelihood of a near-term pullback.
This may suggest a healthy correction or consolidation phase is needed, though overall sentiment remains positive. Miner-to-exchange transfers have seen a recent uptick, indicating increased selling pressure from miners. Macroeconomic trends continue to support a bullish outlook, with BTC tracking the growth in global M2 money supply. At press time, BTC trades at $107,336, down 2.4% in the past 24 hours.