Bitcoin has bounced to over $121,000 from overnight lows under $120,000 alongside sharp gains in privacy coins such as ZEC and DASH.

Traders on decentralized exchanges continued to lean bullish, preferring out-of-the-money higher strike BTC and ETH calls. Most analysts retained constructive bias.

"The market is coiling at elevated levels, calm, liquid, and quietly bullish. Institutional flows remain the backbone of this phase, with ETFs acting as the liquidity bridge between traditional and digital finance. Despite short-term chop, the macro liquidity wave, corporate adoption, and structural inflows all argue for continuation," Timothy Misir, head of research at BRN, said.

Derivatives Positioning

By Omkar Godbole • Data from Coinglass shows that many BTC perpetual short positions fac

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