Source: Cointelegraph.com NewsKey takeaways:
\nSpot Bitcoin ETF inflows are at their highest since January 2025.
\nInflows to exchanges down to levels last seen in December 2016.
\nBitcoin\u2019s negative funding rates could set up a short squeeze.
\nBTC price is above major moving averages, which can now provide support.<\/p>\n
Bitcoin\u2019s (BTC) price rose to a new range high at $94,700 on April 23, its highest value since March 2. Source: Cointelegraph.com NewsKey takeaways: Spot Bitcoin ETF inflows are at their highest since January 2025. Inflows to exchanges down to levels last seen in December 2016. Bitcoin\u2019s negative funding rates… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127870"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127870"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127870\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127870"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nSeveral analysts say the next psychological resistance remains at $95,000, and the price might drop to test support levels below.
\n\u201cThe $94K\u2013$95K zone is clearly the resistance to beat,\u201d said Swissblock in an April 24 post on X.\u00a0
\nThe 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.
\n\u201cThe $89K\u2013$90K zone could be next to test bulls, but with BTC\u2019s structure strength, these dips are for buying.\u201d
\nBTC\/USD chart. Source: SwissblockPopular Bitcoin analyst AlphaBTC opined that the asset will likely consolidate in the $93,000-$95,000 range \u201cbefore pushing higher to take liquidity above 100K.\u201d
\nSource: AlphBTCSeveral bullish signs suggest that BTC is well-positioned to break above $95,000 in the following days or weeks.
\nBitcoin ETF demand rebounds
\nOne factor supporting the Bitcoin bull argument is resurgent institutional demand, reflected by\u00a0significant inflows\u00a0into spot\u00a0Bitcoin exchange-traded funds\u00a0(ETFs).
\nOn April 22 and April 23, spot Bitcoin ETFs saw a net flow totaling $936 million and $917 million, respectively, as per data from SoSoValue.
\nAs Cointelegraph reported, these inflows have been the highest since January 2025 and more than 500 times the 2025 daily average.
\nSpot Bitcoin ETF flows. Source: SoSoValueThis trend reflects growing confidence among traditional finance players, as observed by market analysts like Jamie Coutts, who noted global liquidity hitting new all-time highs, historically fueling asset price rallies.\u00a0
\nSource: Jamie CouttsInstitutional buying creates sustained upward pressure on Bitcoin\u2019s price by absorbing the available supply.
\nLess BTC supply on crypto exchanges
\nThe trend of decreasing Bitcoin exchange inflows continues, suggesting a potential reduction in sell pressure.\u00a0
\nThe 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.\u00a0
\nThis is reinforced by a reduction in the number of addresses depositing Bitcoin to exchanges, which has been \u201csteadily declining since 2022,\u201d according to CryptoQuant analyst Axel Adler Jr.\u00a0
\nHe highlights that this metric\u2019s 30-day moving average has dropped to 52,000 BTC, a level last seen in December 2016.\u00a0
\n\u201cThis trend is bullish in itself,\u201d as it represents a fourfold reduction in coin sales over the last three years, the analyst said, adding:
\n\u201cEssentially, this represents growing HODL sentiment, which significantly reduces selling pressure, creating a foundation for further growth.\u201d
\nBitcoin exchange depositing address count. Source: CryptoQuantNegative funding rates can fuel BTC rally
\nBitcoin price has rebounded to levels last seen in early March, but futures trades are not entirely on board yet.\u00a0
\nBitcoin\u2019s 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.
\nBitcoin perpetual futures funding rates. Source: GlassnodeNegative funding rates imply that shorts are paying longs, reflecting a bearish sentiment that can fuel a short squeeze as prices rise.
\nRelated: Bitcoin is the \u2018cleanest shirt in the dirty laundry\u2019 \u2014 Bitfinex
\nIn an April 22 post on X, CryptoQuant contributor Darkfost highlighted a similar divergence in Bitcoin\u2019s price and Binance funding rates.\u00a0
\n\u201cWhereas BTC continues to climb, funding rates on Binance have turned negative, currently sitting at around -0.006 at the time of writing,\u201d Darkfost explained.
\nHe added that this is a rare occurrence, which has historically been followed by significant rallies, like Bitcoin\u2019s surge from $28,000 to $73,000 in October 2023, and from $57,000 to $108,000 in September 2024.
\nBitcoin funding rates on Binance. Source: CryptoQuantIf history repeats itself, Bitcoin may rally from the current levels, breaking above the resistance at $95,000 toward $100,000.
\nBitcoin trades above the 200-day SMA
\nOn April 22, Bitcoin price rose above a key level: the 200-day simple moving average (SMA) currently at $88,690, fueling a marketwide recovery.
\nThe 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 on Dec. 17.\u00a0
\nThis level should provide significant support as Bitcoin trades above this key trendline. But if it doesn\u2019t hold, the following levels to watch will likely be $84,379, the 50-day SMA, and the $80,000 psychological level.
\nBTC\/USD daily chart. Source: Cointelegraph\/TradingViewFor 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.
\nThis 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.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"