‘Dawn of a new cycle’ – Can Bitcoin ride leverage boom past $83K next?

Derivatives metrics show a clear leverage boom—rising futures open interest and persistently positive funding rates—indicating aggressive, directional long positioning in Bitcoin. That concentration of leveraged longs could amplify upside and, with continued spot demand and supportive macro conditions, enable a push toward and potentially past the prior cycle peak near $83K. Conversely, the same leverage buildup materially raises liquidation and volatility risk, meaning any rally is more likely to be punctuated by rapid, sharp corrections unless leverage is gradually absorbed.