BTC Spot demand is back, and things are immediately looking better. Price is currently grinding higher, while Spot CVD has started to increase again, showing that buying interest is returning. At the same time, open interest has only increased slightly after the recent flush, which keeps the move looking relatively healthy. This suggests that the current push to the upside is mainly being driven by spot demand rather than perps aggressively opening new long positions. Now it’s important that this spot participation remains in place as price approaches resistance. If buyers manage to reclaim $85.6k, I’d expect price to sweep the highs around $87k and potentially continue into the $90k region.