Bitcoin data points to rally to $120K after pro BTC traders abandon their bearish bets

Traders are unwinding their bearish positions as Bitcoin holds strong, fueling optimism for a potential breakout to $120,000.

Key takeaways:

Bitcoin derivatives show reduced demand for downside protection, suggesting renewed investor confidence.

US import tariff hikes on Japan and South Korea intensified recession fears, boosting Bitcoin’s appeal as a hedge.

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