Analysis: BTC rebounds but is constrained by the $95,000 resistance level, with ETF outflows and rising leverage coexisting

According to Odaily, the price of BTC rebounded to $90,500 after testing the $89,200 support level, which aligns with the 50-day moving average. Jake Ostrovskis, head of OTC trading at Wintermute, stated that the market's failure to break through the key $95,000 level has resulted in two-way trading, and the past two trading days have been mainly dominated by ETF outflows.

In addition, derivatives positions indicate that market leverage is increasing. The total open interest in BTC futures and options has climbed to nearly 700,000 BTC, reaching a three-week high and increasing by about 75,000 BTC since the beginning of the year. Meanwhile, the perpetual futures funding rate remains positive at around 0.09%, indicating that long positions are paying shorts to maintain exposure, and traders may be using leverage to buy the dip, which increases the risk of long liquidations. (CoinDesk)