Bitcoin Near $120K: Rising Futures Leverage Raises Breakout Risk

I see Bitcoin trading around $120,000 and testing the $119k–$120k decision zone as futures open interest on Binance pushes toward $13.7B, near July highs. The concurrent rise in price and OI suggests fresh speculative long liquidity is flowing in.

That can support a short-term continuation, but it also raises liquidation risk: a clean breakout with stable or falling OI would be constructive and could target $122k–$124k, while a rejection with elevated OI could trigger a long squeeze and a drop to nearby support.

I'm monitoring open interest and price action closely and prefer confirmation—either a breakout with subdued OI or a disciplined pullback—before increasing exposure.