Author: Nancy Lubale, CoinTelegraph; compiled by: Deng Tong,

Key points:

• Spot Bitcoin ETF inflows reached its highest level since January 2025.

• Exchange inflows fell to their lowest levels since December 2016.

• Bitcoin’s negative financing rate could trigger a short squeeze.

• BTC is priced above the main moving average and can now provide support.

On April 23, BTC prices rose to a new high of $94,700, the highest since March 2.

The next psychological resistance level is still at $95,000 and the price may fall to test the support below, multiple analysts said.

“The $94,000 to $95,000 area is obviously a resistance level that needs to be broken through,” Swissblock said in an article on X on April 24.

The on-chain data provider asserts,The next reasonable move for Bitcoin will be a pullback to the $90,000 area to gain momentum for the upside.

“The $89,000-90,000 region may be the next area to test a bull market, but these declines are worth buying given the structural strength of BTC.”

BTC/USD chart. Source: Swissblock

AlphaBTC, a well-known Bitcoin analyst, believes thatThe asset could consolidate in the range of $93,000 to $95,000, “and then push up to liquidity above $100,000.”

Some bullish signs suggest that BTC is expected to break above $95,000 in the coming days or weeks.

Bitcoin ETF demand rebounds

One factor supporting the Bitcoin bull market argument is the recovery of institutional demand, which is reflected in the large amount of capital flows into spot Bitcoin Exchange Traded Funds (ETFs).

According to data, on April 22 and April 23, the total net inflows of spot Bitcoin ETFs were US$936 million and US$917 million, respectively.

These inflows were reportedly the highest since January 2025, and more than 500 times the average daily inflow in 2025.

Spot Bitcoin ETFs are liquid. source:

This trend reflects growing confidence among traditional financial players, as market analysts such as Jamie Coutts, noting thatGlobal liquidity hit an all-time high, which historically drove asset prices to rise.

Institutional purchases create sustained upward pressure on Bitcoin prices by absorbing existing supplies.

Cryptocurrency exchanges reduce BTC supply

The trend of decreasing inflows on Bitcoin exchanges continues, indicating that selling pressure may be eased.

According to CryptoQuant, the total amount of Bitcoin transferred to the exchange has dropped from its highest level of 97,940 BTC this year on February 25 to 45,000 BTC on April 23.

CryptoQuant analyst Axel Adler Jr. said the phenomenon has been further exacerbated by the decrease in the number of addresses depositing Bitcoin into exchanges, which has been “steadily declining” since 2022.

He stressed that the 30-day moving average for the indicator has dropped to 52,000 BTC, which is the level since December 2016.

"This trend itself is optimistic" as it represents a fourfold decline in BTC sales over the past three years, adding:

“Essentially, this represents a growing sentiment in HODL, which greatly reduces the pressure on selling and lays the foundation for further growth.”

Number of deposit addresses on Bitcoin exchange. Source: CryptoQuant

Negative financing rates could drive Bitcoin up

Bitcoin price has rebounded to early March levels, but futures trading has not yet entered fully.

Although Bitcoin’s price rose 11% between April 22 and April 23, its perpetual futures financing rate remained negative, Glassnode data showed.

Bitcoin perpetual futures financing rate. Source: Glassnode

Negative financing rates mean that shorts are paying longs, reflecting a bearish sentiment that could exacerbate short squeezes as prices rise.

In an article on X on April 22, CryptoQuant contributor Darkfost highlighted similar differences between Bitcoin price and Binance financing rates.

“Although Binance’s financing rate has turned negative despite the continued rise in BTC, about -0.006 as of this writing,” Darkfost explained.

He added that this is a rare phenomenon, and historically this situation will have a significant increase afterward, such as Bitcoin soaring from $28,000 to $73,000 in October 2023 and from $57,000 to $108,000 in September 2024.

Binance's Bitcoin financing rate. Source: CryptoQuant

If history repeats itself, Bitcoin could rebound from its current level, breaking through the $95,000 resistance to $100,000.

Bitcoin trading price breaks through 200-day moving average

On April 22, Bitcoin price broke through key levels: the 200-day simple moving average (SMA), which is currently at $88,690, driving the recovery of the entire market.

The last time BTC price broke through the 200-day moving average, it experienced a parabolic trend, up 80% from $66,000 on October 14, 2024 to an all-time high of $108,000 on December 17.

This level should provide significant support when Bitcoin trading is above this key trend line. But if it doesn’t hold, the next level to focus might be $84,379, a 50-day SMA and $80,000 psychological level.

BTC/USD daily chart. Source: Cointelegraph/TradingView

For bulls, the resistance at $95,000 and $100,000 are major concerns. Breakthroughs to this level will pave the way for an all-time high of over $109,000 on January 20.