As bitcoin's (BTC) price recovery looks to gather pace, on-chain data points to potential seller resurgence near $113,600.

The wider altcoin market, however, is doing well, as evidenced by the 4% gain in the CoinDesk 80 Index in the past 24 hours. The CoinDesk 20 Index has gained nearly 1%.

"Bitcoin is drawing its third rising daily candle, trading above $113K on Thursday morning," Alex Kuptsikevich, the chief market analyst at the FxPro, said in an email. "The growth of altcoins, coupled with the rise in stock indices, has created an environment of increased risk appetite, while BTC's decline to $110K has restored its attractiveness to buyers."

Derivatives Positioning • BTC's rise in price from Tuesday is characterized by a drop in open interest (OI) in USDT- and dollar-denominated p

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