Key Takeaways:
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The spot bitcoin ETF inflows has been at the highest since January 2025.
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The exchanges to the exchanges to the levels last seen in December 2016.
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Negative Bitcoin funding rates can set up a short squeeze.
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BTC prices are more than major moving averages, which can now provide support.
Bitcoin’s (Btc) The price has risen to a new range high at $ 94,700 on April 23, the highest value since March 2.
Many analysts say that the next psychological resistance remains at $ 95,000, and the price may go down to test the support levels below.
“The $ 94K – $ 95k zone is clearly objection to defeat,” Says Swissblock in a post of April 24 in X.
The Onchain Data Provider insists that the next logical move for Bitcoin will be a pullback towards the $ 90,000 zone to get momentum for a move higher.
“The $ 89k- $ 90k zone may follow the test bulls, but with the strength of the BTC structure, these dips are for purchase.”
Bitcoin’s famous analyst Alphabtc has surgery that the property is likely to combine the $ 93,000- $ 95,000 range “before pushing the higher take off of the liquidity above 100K.”
Many bullish signs suggest that BTC is well positioned to break above $ 95,000 in the following days or weeks.
Bitcoin ETF is asking for rebounds
A factor that supports the Bitcoin Bull’s argument is resurrected institutional demand, which is visible by Significant flow In place Funds exchanged by Bitcoin Exchange (ETFS).
On April 22 and April 23, spot Bitcoin ETFS saw a net flow worth $ 936 million and $ 917 million, respectively, as per data from Sosovalue.
As Cointelegraph reportedThese flows have been the highest since January 2025 and more than 500 times the 2025 -day average.
This trend reflects the growing confidence among traditional financial players, as follows by market analysts like Jamie Coutts, who mentioned Global liquidity has hit new all-time highs, historical fuel of property price rallies.
Institutional purchase creates prolonged ascending pressure on bitcoin price by Absorbs the available supply.
Fewer BTC supply to crypto exchanges
The trend of reducing the exchange of bitcoin exchanges continues, suggesting a potential reduction in sales pressure.
The total amount of coins moved to exchanges drops from one year-to-date high 97,940 BTC per day on February 25 to 45,000 BTC on April 23, as each Data from cryptoquant.
It has been strengthened by a reduction in the number of addresses that deposit Bitcoin to the exchanges, which have been “continuously declining since 2022,” according to cryptoquant analyst Axel Adler Jr.
She is Highlights That the 30-day transfer of this scale dropped to 52,000 BTC, a level last seen in December 2016.
“This trend is bullish in itself,” because it represents a four -time reduction in coin sales over the past three years, the analyst said, and adding:
“Essentially, it represents the growing emotion of the Hodl, which significantly reduces the sale of pressure, creating a foundation for further growth.”
Negative funding rate
The price of Bitcoin bounced on the levels last seen in early March, but futures trading has not been riding.
The Perpetual Futures rate of Bitcoin remained negative between April 22 and April 23, despite rising prices by 11% at the same time, data from glassnode shows.
Negative funding rates indicate that shorts pay long, reflecting a bearish sentiment that may fuel a short squeeze As prices rise.
Related: Bitcoin is the ‘clean shirt with dirty laundry’ – Bitfinex
In a post on April 22 on X, the cryptoquant contributor darkfost Highlighting A similar difference -varies with bitcoin prices and Binance funding rates.
“Because the BTC continues to climb, Binance funding rates have become negative, currently sitting around -0.006 at the time of writing,” Darkfost explained.
He added that this was a rare event, history followed by significant rallies, such as Bitcoin’s advance from $ 28,000 to $ 73,000 in October 2023, and from $ 57,000 to $ 108,000 in September 2024.
If history repeats itself, Bitcoin can rally from current levels, which breaks the resistance to $ 95,000 towards $ 100,000.
Bitcoin trading above the 200-day SMA
On April 22, the price of Bitcoin rose above a basic level: the 200-day simple moving average (SMA) currently at $ 88,690, which has picked up a recovery throughout the market.
The last time the BTC prices broke above the 200-day SMA, it experienced a parabolic move, ralling 80% from $ 66,000 on October 14, 2024, in its preceding All-Time High $ 108,000 On December 17th.
This level should provide significant support as bitcoin trading above this key trendline. But if it doesn’t hold, the following levels to watch are probably $ 84,379, the 50-day SMA, and the $ 80,000 psychological level.
For bulls, resistance levels of $ 95,000 and $ 100,000 are the main to watch. Rising to the top that will give way for a running towards January 20 All times high in $ 109,000.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
