According to James Van Straten, Bitcoin BTC remains stable around $105,000, having not traded below $100,000 for 42 days despite the Federal Reserve holding interest rates steady and escalating Middle East conflicts, which typically pressure risky assets. This resilience is driven by the bitcoin treasury narrative, with 235 entities now holding it as a reserve asset, up 27 in 30 days. However, derivatives data from Velo shows open interest at $55.3 billion, below the June 11 peak of $65.9 billion, and a BTC put/call ratio of 1.13, indicating persistent de-risking. Liquidation maps from Coinglass reveal leverage clustered near current prices, heightening breakout risks.

According to James Van Straten, Bitcoin BTC remains stable near $105,000 despite the Federal Reserve holding interest rates steady and escalating Middle East tensions, which typically pressure risky assets like crypto. Derivatives indicators show caution, with open interest at $55.3 billion, below recent peaks, and a BTC put/call ratio of 1.13 indicating heightened put demand. Support stems from the bitcoin treasury narrative, with 235 entities now holding BTC, a 27-entity increase in 30 days, while geopolitical risks and clustered leverage near $103K-$106K price levels suggest potential for sharp volatility if the range breaks.