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Bitcoin begins on the day of Thursday’s Asian trading over $ 123,000, and its chart looks like a rocket trail by fog, analysts said, painting it as an aggressive rally-powered ETF flows, mid-tier accumulation, and a quiet belief that it has not yet been the top.
That belief is based on three converting signals from major observers to the market.
Sa IT Latest noteThe QCP has written that it sees capital rotating from excessive equality of AI and “credentials hedges” such as gold and bitcoin as policy uncertainty deepens.
Glassnode points to recording ETF streams and mid-tier accumulation flipping resistance in support. And Cryptoquant wrote that it found on-chain earning income that is still well below the historical peaks, suggesting that the rally has a room to run even with the formation of leverage. Together, they described a bullish structural market but tactically tight: solid hands under, froth above.
But the same data that shows convincing also points to pleasure. Open interest futures reach record highs, funding rates are over 8%, and a selection of heavy positioning options leaves the market vulnerable to a sharp decline if the momentum fades. Analysts call it a classic “strong trend, weak hands” setup: the one who often needs leverage reset before the next leg is higher.
“The current pullback is now trying this action, which helps to reset the positioning and restore the balance,” Glassnode wrote in its weekly report. The QCP Capital added that “yesterday’s transfer looks less on the position of positioning, not policy,” as the cryptoquant noticed that “income removal remains covered compared to previous top tops.”
But even with data data, the message is uneven. Glassnode warns that the seizure needs to be filed before the rally can stabilize; The cryptoquant argues that the market still has a breathing room before euphoria sets; And the QCP has been framing the move as a macro twist on “credentials hedges” such as gold and BTC.
Bitcoin’s climb is watched from three different heights.
With high and open interest rates still climbing, traders can get the reset they warn. The question is not if Bitcoin can hold $ 120,000, this is if the next sink is to prove the depth of the rally or expose its destruction.
Market movement
BTC: Bitcoin is the trading above $ 123,000, firmly after reversing from this week’s pullback as ETF flows and whale accumulation continue to support prices. While short-term momentum is cooled, institutional demand and the broader “debasement trade” narrative maintain the full-heading heading during the period of Bullish of October.
Eth: Ethereum is the trade at $ 4,516, which holds firmly after recent volatility as traders rotate back to the main layer-1 assets. The emotion remains supported by the strong ETF flow, optimizing the FUSAKA upgrade in December, and the institutional interests of the produce and defi produce are changed.
Gold: Gold has passed $ 4,000 in the first time Wednesday, the 40th record high this year, driven by geopolitical tensions, uncertainty in US fiscal, and sustainable demand on the central bank led by eleven -one consecutive months of gold purchases
NIKKEI 225: Nikkei 225 of Japan rose 1.1% Thursday, led by a 10% climbing Softbank after it agreed to buy ABB’s robotics unit for $ 5.4 billion, in optimizing the Prime Minister-Elect Sanae Takaichi’s expansionist agenda and continued loose financial policy with tech and cyclical stocks.
