Bitcoin is approaching a key price zone around 83,100 USD to 83,500 USD. Significant short liquidations are expected if the price rises past this level, coinciding with a recent 9% decline in open interest in Bitcoin futures.

Following its peak at 106,164 USD in January, Bitcoin has decreased by 22%, closing March at 82,500 USD. The market is seeing negative funding rates, indicating short-dominant sentiment; however, there are signs of a potential shift towards bullish momentum.