Bitcoin has been in a consolidation phase for the past four weeks, but recent findings suggest that it may be coming to an end. Rising futures demand indicates a bullish bias, especially in the derivatives segment. However, Bitcoin's open interest and funding rates have dropped significantly due to low volatility, indicating that demand may not be quite there yet. BTC's price action suggests the possibility of more sell pressure, which could push the price back to the ascending support level and even below $28,000. The fate of Bitcoin lies in the hands of whales, who have been trimming their balances since mid-July, but their levels are still notably high. Overall, the eventual outcome could still be a toss-up, but institutional demand could sway it towards the bullish side.
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