What happened? Bitcoin bounced after a leverage reset and visible accumulation.
Bitcoin rebounded to about $113,117 after a sharp correction that mostly involved long traders trimming positions and a 6.2% drop in futures open interest. Roughly 170,000 BTC left centralized exchanges over the past month, signalling accumulation and lower sell pressure while Strategy Inc. added another 196 BTC. Technically, BTC broke above a descending channel and is holding above key support near $112,600–$113,000, putting the short-term bias back toward the upside.
Who does this affect? Traders, institutional holders, and the broader crypto market.
Short-term traders get clearer levels for entries, stops, and breakout targets around $114.7k–$117.8k after the leverage reset and chart breakout. Institutions and large holders benefit from reduced systemic risk as leverage is cleared and exchange outflows indicate stronger conviction. Altcoin projects and investors — including new presales like Bitcoin Hyper — stand to gain if BTC momentum brings renewed risk-on flows across the market.
Why does this matter? It raises the odds of a bullish October and wider market upside.
A cleaner leverage profile, seasonal “Uptober” tailwinds, and continued institutional buying increase the likelihood of sustained gains and deeper liquidity. If BTC holds above $112.6k and clears $114.7k, it could accelerate toward $116k–$118k and pull ETH and other large-cap alts higher as funds rotate back in. Conversely, losing those supports would risk a pullback, so market participants will be watching flows, open interest, and key technical levels for signs of broader market strength or weakness.