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 up a short squeeze.
- BTC price is above major moving averages, which can now provide support.
Bitcoin’s price rose to a new range high at $94,700 on April 23, its highest value since March 2.
Several analysts said the next psychological resistance remains at $95,000, and the price might drop to test support levels below.
“The $94K–$95K zone is clearly the resistance to beat,” said Swissblock in an April 24 post on X.
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.
“The $89K–$90K zone could be next to test bulls, but with BTC’s structure strength, these dips are for buying.”
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.”
Several bullish signs suggest that BTC is well-positioned to break above $95,000 in the following days or weeks.
Bitcoin ETF demand rebounds
One factor supporting the Bitcoin bull argument is resurgent institutional demand, reflected by significant inflows into spot Bitcoin exchange-traded funds (ETFs).
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.
As Cointelegraph reported, these inflows have been the highest since January 2025 and more than 500 times the 2025 daily average.
