Bitcoin hovers just below $94,000, but the real tension sits with the shorts. CryptoQuant’s Darkfost flagged this week’s setup as “a rare occurrence.” Funding rates on Bitcoin futures remain negative—even as the price climbs.
That’s not just a technical quirk. Historically, setups like this have unleashed massive short squeezes. Darkfost pointed to Bitcoin’s past rallies from $28K to $73K in 2023 and $57K to $108K in 2024. This could be the prelude to another big move.
Bitcoin ETF Inflows Pour Gas on the Fire
If a short squeeze is the match, ETFs are the gasoline. Spot Bitcoin ETFs have raked in over $1.8 billion in just two days, according to SoSoValue. April 22 saw $936 million in inflows. April 23 added another $917 million. That’s the largest two-day surge since January.
Why does that matter? ETFs hoard supply. Less Bitcoin floating on exchanges means higher prices when demand picks up. This institutional appetite is building a floor beneath Bitcoin’s current price. It’s no coincidence that this demand lined up with Bitcoin’s latest charge toward $95,000.
Bitcoin’s Resistance Holds Firm at $95K but Not for Long
For now, Bitcoin’s facing a brick wall at $95,000. Swissblock called it “the resistance to beat.” If bulls break through, the next psychological milestone is $100,000. Fail to clear it, and traders are eyeing support down at $87,000.
That’s not blind speculation. Rekt Capital noted that Bitcoin’s current behavior echoes mid-2021. Back then, the price dipped after a breakout before storming higher. If history repeats, a quick retest down to $87,000 could be on the cards before the next leg up.
BTC Shorts Stack Up Around $93,600
Adding more fuel to this powder keg, there’s a block of leveraged shorts sitting at $93,600. If Bitcoin pushes higher, it won’t take much to trigger those stops. A squeeze past $95K could see a flood of buy orders, launching the price toward six figures.
At the time of writing, Bitcoin is sitting at $93,551.
