[Analysis] "Bitcoin has regained its upward trend"

Son Min

Summary

It was stated that Bitcoin has regained its upward trend and there is a possibility of breaking through the major resistance zone of $95,000.
The increase in spot ETF inflows and the surge in open interest support the strong upward trend.
It was evaluated that there is a very high possibility of Bitcoin retesting $100,000, and an optimistic investment environment has been created.

An analysis has emerged that Bitcoin (BTC) has regained its upward trend.

On the 23rd (local time), 10X Research stated in a report, "Bitcoin has escaped the bearish trend and regained its upward trend," adding, "There is a possibility of breaking through the major resistance zone ($95,000) depending on the macro environment and market sentiment." Furthermore, it stated, "$95,000 is a zone with a large number of short positions, and if this point is breached, a price surge may begin," adding, "There is also a very high possibility that Bitcoin will retest $100,000 in the future."

Additionally, the report mentioned the inflow of Bitcoin funds. It stated, "The inflow into Bitcoin spot ETFs has increased to $146.3 billion since January," adding, "The sharp increase in Bitcoin futures open interest from $22 billion to $29 billion also supports the upward trend." It further noted, "Although the inflow of stablecoins remains low, it has shown a gradual increase. It is a very optimistic situation."

As of 3:18 PM, Bitcoin is trading at $92,674 on the Binance USDT market, up 6.22% from 24 hours ago.

BTC