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Spot Bitcoin ETF inflows are at their highest since January 2025.<\/p>\n<\/li>\n
Inflows to exchanges down to levels last seen in December 2016.<\/p>\n<\/li>\n
Bitcoin’s negative funding rates could set up a short squeeze.<\/p>\n<\/li>\n
BTC price is above major moving averages, which can now provide support.<\/p>\n<\/li>\n<\/ul>\n
Bitcoin’s (BTC<\/a>) price rose to a new range high at $94,700 on April 23, its highest value since March 2.<\/p>\n Several analysts said the next psychological resistance remains at $95,000, and the price might drop to test support levels below.<\/p>\n “The $94K–$95K zone is clearly the resistance to beat,” said<\/a> Swissblock in an April 24 post on X. <\/p>\n The onchain data provider asserted that the next logical move for Bitcoin would be a pullback toward the $90,000 zone to gain momentum for a move higher.<\/p>\n “The $89K–$90K zone could be next to test bulls, but with BTC’s structure strength, these dips are for buying.”<\/p><\/blockquote>\n Popular Bitcoin analyst AlphaBTC opined that the asset will likely consolidate in the $93,000-$95,000 range “before pushing higher to take liquidity above 100K.”<\/p>\n Several bullish signs suggest that BTC is well-positioned to break above $95,000 in the following days or weeks.<\/p>\n One factor supporting the Bitcoin bull argument is resurgent institutional demand, reflected by significant inflows<\/a> into spot Bitcoin exchange-traded funds<\/a> (ETFs).<\/p>\n On April 22 and April 23, spot Bitcoin ETFs saw a net flow totaling $936 million and $917 million, respectively, as per data from SoSoValue.<\/p>\n As Cointelegraph reported<\/a>, these inflows have been the highest since January 2025 and more than 500 times the 2025 daily average.<\/p>\n This trend reflects growing confidence among traditional finance players, as observed by market analysts like Jamie Coutts, who noted<\/a> global liquidity hitting new all-time highs, historically fueling asset price rallies. <\/p>\n Institutional buying creates sustained upward pressure on Bitcoin’s price by absorbing the available supply<\/a>.<\/p>\n The trend of decreasing Bitcoin exchange inflows continues, suggesting a potential reduction in sell pressure. <\/p>\n The total amount of coins transferred to the exchanges has dropped from a year-to-date high of 97,940 BTC per day on Feb. 25 to 45,000 BTC on April 23, as per data from CryptoQuant<\/a>. <\/p>\n This is reinforced by a reduction in the number of addresses depositing Bitcoin to exchanges, which has been “steadily declining since 2022,” according to CryptoQuant analyst Axel Adler Jr. <\/p>\n He highlights<\/a> that this metric’s 30-day moving average has dropped to 52,000 BTC, a level last seen in December 2016. <\/p>\n “This trend is bullish in itself,” as it represents a fourfold reduction in coin sales over the last three years, the analyst said, adding:<\/p>\n “Essentially, this represents growing HODL sentiment, which significantly reduces selling pressure, creating a foundation for further growth.”<\/p><\/blockquote>\n Bitcoin price has rebounded to levels last seen in early March, but futures trades are not entirely on board yet. <\/p>\n Bitcoin’s perpetual futures funding rates remained negative between April 22 and April 23, despite the price rising by 11% over the same period, data from Glassnode shows.<\/p>\n Negative funding rates imply that shorts are paying longs, reflecting a bearish sentiment that can fuel a short squeeze<\/a> as prices rise.<\/p>\n Related: <\/strong><\/em>Bitcoin is the ‘cleanest shirt in the dirty laundry’ — Bitfinex<\/strong><\/em><\/a><\/p>\n In an April 22 post on X, CryptoQuant contributor Darkfost highlighted<\/a> a similar divergence in Bitcoin’s price and Binance funding rates. <\/p>\n “Whereas BTC continues to climb, funding rates on Binance have turned negative, currently sitting at around -0.006 at the time of writing,” Darkfost explained.<\/p>\n He added that this is a rare occurrence, which has historically been followed by significant rallies, like Bitcoin’s surge from $28,000 to $73,000 in October 2023, and from $57,000 to $108,000 in September 2024.<\/p>\n If history repeats itself, Bitcoin may rally from the current levels, breaking above the resistance at $95,000 toward $100,000<\/a>.<\/p>\n On April 22, Bitcoin price rose above a key level: the 200-day simple moving average (SMA) currently at $88,690, fueling a marketwide recovery.<\/p>\n The last time the BTC price broke above the 200-day SMA, it experienced a parabolic move, rallying 80% from $66,000 on Oct. 14, 2024, to its previous all-time high of $108,000<\/a> on Dec. 17. <\/p>\n This level should provide significant support as Bitcoin trades above this key trendline. But if it doesn’t hold, the following levels to watch will likely be $84,379, the 50-day SMA, and the $80,000 psychological level.<\/p>\n For the bulls, the resistance levels at $95,000 and $100,000 are the primary ones to watch. Rising above that would pave the way for a run toward the Jan. 20 all-time high above $109,000<\/a>.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n<\/h4>\n","protected":false},"excerpt":{"rendered":" Key takeaways: Spot Bitcoin ETF inflows are at their highest since January 2025. Inflows to exchanges down to levels last seen in December 2016. Bitcoin’s negative funding rates could set<\/p>\nBitcoin ETF demand rebounds<\/h2>\n
Less BTC supply on crypto exchanges<\/h2>\n
Negative funding rates can fuel BTC rally<\/h2>\n
Bitcoin trades above the 200-day SMA<\/h2>\n