Bitcoin Pushes Past Resistance as Leverage Fuels Rally

Bitcoin rebounded from $76,347 to reach $79,337 on Sunday, its highest point in recent sessions. The sharp intraday recovery was fueled by a surge in leveraged positions, with open interest climbing 4.26% over the past 24 hours to $53.82 billion.

While this indicates growing participation from traders, the spot demand picture remains weaker than perpetual futures demand, according to CryptoQuant's data.

The rally has also led to accelerated short liquidations, with $100.47 million in shorts being closed over the past four hours compared to just $9.48 million in longs.

However, the technical picture remains mixed, with Bitcoin still trading beneath its upper boundary of around $82,000 and facing a critical resistance zone between $79,300 and $80,000.