Bitcoin's market is experiencing a leverage reset amid significant volatility, according to Glassnode. Over the past four days, more than $1.74 billion in futures positions have been liquidated, impacting both long and short positions. Despite this, Bitcoin's open interest remains high at $90.24 billion, reflecting a continued appetite for leverage. Analyst Lark Davis indicated that Bitcoin could see upward movement if it maintains support above $120,000. The current market conditions highlight the ongoing volatility and leverage dynamics within the cryptocurrency sector.