Bitcoin's $88K Test Awaits as Leverage Reset Sets Up Next Move

Bitcoin recently experienced its sharpest derivatives deleveraging since 2023, a reset that has set up a potential test of $88,000.

The correction included one of the largest liquidation events in Bitcoin's history and forced the closure or liquidation of positions that had grown too large across the market.

Binance's open interest briefly fell below its 180-day average during the correction but has since recovered to approximately $9.6 billion, above the $8.3 billion average.

Analyst Doctor Profit sees $82,500 as a key resistance level this week, with a confirmed break potentially opening the path to $88,000.

He also identified $78,500 as a critical level to monitor before such a move and $71,000 as the strongest support floor.