Bitcoin’s recent rise to $80,000 has been driven mainly by short covering rather than a large influx of new buyers, according to Glassnode data cited by CoinDesk. As bearish positions were liquidated, Bitcoin futures open interest fell to 587,584 BTC, its lowest level in nearly five months. The decline in leverage gives the price move a relatively stronger foundation, and historically, rallies led by short covering have often proved more sustainable.