Bitcoin Eyes $96.7K as On-Chain Liquidity and Spot Demand Replace Excessive Futures Leverage
Bitcoin has absorbed the $85,000 sell wall as derivatives leverage resets and spot liquidity takes control of price action. Glassnode data highlights $96,700 as the next key target based on mean MVRV historical metrics. The sustainability of the move depends on spot buyers continuing to absorb overhead profit-taking.
Bitcoin cleared the $85,000 supply wall and is building momentum toward $96,700, where the mean MVRV line sits as the next major price milestone. What makes this move structurally different from prior expansion phases is the cooling of futures and options leverage. Derivatives open interest has reset into standard ranges post-expiry, turning market structure away from fragile liquidation loops.
Instead of borrowed capital carrying the market, fresh capital is moving directly on-chain. Monthly realized cap changes and transaction transfer volumes have surged far above their historical bands. Even with institutional ETF inflows shifting into a lower gear, spot market buyers are aggressively absorbing resting sell orders at the ask.
The primary hurdle now lies in unrealized profit pressure. With nearly three quarters of circulating supply in the green, short-term holders and fund vehicles carry profit margins well above normal levels. If spot demand remains resilient against this overhead selling, the path to testing $96,700 remains wide open.