After an 8% leverage reset in futures markets, Bitcoin is showing signs of range-bound trading around $120,000. This renewed buyer confidence suggests that this area could become a significant demand zone for traders in the short term. 8% of Bitcoin’s total market value traded on the futures market saw a deleveraging event. As a result, spot markets are seeing increased demand as evidenced by Binance’s CVD increase around the $120,000 mark. These renewed buyer bids coupled with declining open interest in perpetual futures markets suggest short-term positions are being closed, signaling a potential shift to heavier supply overhead above the $123,000 level over the next few days. On-chain metrics from Maartunn also support this consolidation thesis, indicating a near 50/50 split between Bitcoin holders who have made profits and those who’ve incurred losses on short-term trades.