Speculation is growing in the derivatives market as Bitcoin's price bounces back to the $105,000 level. The market is currently divided, with $225 million in liquidations over the past 24 hours. While the short-term recovery has the potential to create a new all-time high, Bitcoin has faced a bearish reversal after failing to surpass the overhead supply zone. The current price is $105,547, with a pullback of 1.3% and the possibility of a double-top pattern if the downtrend continues. Despite this, there has been a positive alignment in crucial exponential moving average lines and the daily RSI reflects strong bullish demand. Bitcoin's open interest has surged by 2.60% to reach $68.88 billion, and the long-to-short ratio has turned bullish, indicating an increase in bullish positions. While the funding rate has dipped slightly, overall optimism in the derivatives market suggests a potential recovery in the coming days. The immediate resistance at $107,123 is key, and a breakout above this level could lead to a new all-time high. The next potential price target based on Fibonacci levels is $112,056, while crucial support is at $103,393.



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