Bitcoin has surged back above the $73,000 mark, a level not seen since mid-March, following a nearly 10% rally in the past week.
Despite the price recovery, traders in the derivatives market are showing a lack of bullish conviction. Open interest has climbed significantly on major exchanges like Binance and Bybit, indicating increased futures trading activity. However, data suggests this rise is dominated by bearish positioning rather than aggressive buying.
Net taker volume, which measures aggressive buying versus selling, has not kept pace with the open interest growth. This indicates that most traders are either betting against Bitcoin's continued rise or participating passively. The sustainability of Bitcoin's current upward trend is increasingly reliant on genuine spot demand, not leveraged derivatives.
At present, Bitcoin is trading around $72,837. While showing a slight daily increase, the cryptocurrency remains significantly below its cycle high recorded in October 2025, signaling that the market is still navigating a bear trend.
