BTC Bulls Eye $100K as Leverage Swells, But Funding Risk Looms

Bitcoin has been making its way back towards $80,000 after rebounding over 30% from its June lows of $58,000 to $60,000.

The cryptocurrency is currently facing resistance at the $73,880 MVRV band and needs to break through this level to reach its next target of $100,052.

Bullish leverage in derivatives markets has increased with open-interest-weighted funding remaining positive through August at around 0.005% to 0.010%, but this still falls below levels associated with more heavily stretched positioning.