Bitcoin Bulls Gear Up for $80K Test Amid Rising Leverage

Bitcoin's price is on the rise, pushing back towards $80,000 as leveraged traders increase their bullish exposure. The Bitcoin funding rate has been in the spotlight as a result, with open interest-weighted funding remaining positive through August.

This indicates that long positions continue to dominate derivatives trading, but funding remains below levels associated with more heavily stretched positioning.

Bitcoin has made significant gains since falling to $58,000-$60,000 in late June, climbing towards $78,000-$80,000 and representing a gain of over 30% from the June low.

The recovery has brought leverage back into focus as Bitcoin approaches a price area it previously tested near $80,000 in May.