Bitcoin (BTC) market is seeing renewed capital inflow. Net inflows into spot Bitcoin ETFs have reached their highest level since January, while the volume moving to exchanges has dropped to its lowest level since December 2016. This is interpreted as a signal of strengthening long-term holding sentiment.
Additionally, Bitcoin's funding rate has turned negative, raising the possibility of a short squeeze. When prices rise in a situation where short positions have been accumulated, buying pressure to close these positions can trigger a sharp increase. Currently, Bitcoin is trading above major moving averages, further strengthening its technical support line.
On the 23rd, Bitcoin price rose to $94,700, reaching its highest level since March 2nd. It appears to be pausing near the psychological resistance level of $95,000. On-chain analysis firm Swissblock stated on the 24th that "the $94,000-$95,000 range is a clear resistance line" and "Bitcoin is likely to pull back to the $90,000 level before preparing for another rise".
They further added that "Bitcoin's structure remains solid" and "even if a correction occurs, the $89,000-$90,000 price range could serve as a buying opportunity". Market participants are showing expectations for Donald Trump's pro-cryptocurrency policies, and if ETF demand and on-chain data accumulation signals continue, further price increases can be anticipated.
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