Bitcoin is in a tense zone: bears are defending the $95 000 level amid increasing leverage.

The price recovery of BTC from the support level of $89 200 has reached $90 500, from where the cryptocurrency is attempting to push higher. However, bearish forces are actively defending the barrier around $95 000, turning this zone into a key battleground between bulls and bears. The current BTC price around $92 160 indicates that the market is in uncertainty between recovery and consolidation.

Increasing leverage amplifies liquidation risk

Open interest in BTC futures and options has reached 700,000 BTC — the highest level in the past three weeks. This represents an increase of approximately 75,000 BTC since the beginning of the year, reflecting growing activity among speculators. At the same time, a positive funding rate of 0.09% indicates an excess of long positions: traders are paying fees to hold their buy positions using leverage.

External factors add volatility

Outflows of capital from Bitcoin ETFs exacerbate market tension, creating additional pressure on the price. The combination of rising open interest with a positive funding rate signals a risk of a “bull trap” — when long positions opened with leverage become vulnerable to sharp price corrections. Traders taking profits at the level of $89 200 create dynamics where the next significant drop could trigger cascade liquidations.

Thus, although BTC recovery looks positive in the short term, underlying margin activity indicators warn of the need for caution. Breaking through the $95 000 level requires consolidation of open interest and normalization of funding rates; otherwise, a pullback to support levels is possible.