- Bitcoin breaks above $97K with strong ETF inflows and rising institutional interest.
- Ascending triangle pattern and bullish technicals point to a potential breakout past $100K.
- Negative funding rates suggest short positioning, setting the stage for a possible short squeeze.
Bitcoin has finally crossed its range high and is now trading around $97,500. Analysts say the market structure remains bullish. With the $100,000 level in sight, all eyes are on upcoming macroeconomic data and spot market flows to determine the next move in price.
Funding Rates and Spot Flows Suggest Continued Upside
According to analysis prepared by Cas Abbe on X, Bitcoin recently broke above $97,000 and is consolidating below this level. In the past two days, open interest increased by $3 billion, and the funding rate remained positive. This suggests that a large portion of the current rally is driven by perpetual futures activity.
However, spot demand is also contributing. In the same timeframe, Bitcoin ETFs purchased $370 million worth of BTC. This adds weight to the argument that institutional interest remains strong. According to Abbe, a spike in Coinbase Bitcoin Premium during US trading hours may indicate a push toward the $100,000 mark.
Without such demand, a brief correction could bring prices to the $94,000–$95,000 support zone. The daily chart also shows an ascending triangle pattern with higher lows and resistance at $95,000. This pattern historically results in upward breakouts over 80% of the time.
Technical Patterns and Market Reactions to NFP Awaited
According to Rover’s analysis, Bitcoin continues to test the $95,000 resistance without breaking lower. The ascending triangle on the 4-hour chart signals growing strength in the uptrend.
If the price closes above $95,000 with volume, a breakout may occur toward $101,000 or higher. The daily EMA ribbon has also made a bullish crossover, and MACD on the weekly chart is close to another bullish signal.
As of this writing, Bitcoin is trading at $97,583. According to TradingView data, the funding rate has turned negative, hinting at short positioning. A weak Nonfarm Payroll report could act as a catalyst for a price surge.
