Analysis: Although BTC rebounded, it was capped by the $95,000 resistance level. ETF outflows and increased leverage coexisted.

BTC prices rebounded to $90,500 after testing the $89,200 support level, which coincides with the 50-day moving average. Jake Ostrovskis, head of OTC trading at Wintermute, stated that the market's failure to break the key $95,000 level led to two-way trading, primarily driven by ETF outflows over the past two trading days. Furthermore, derivatives positioning indicates increasing market leverage. Total open interest in BTC futures and options has climbed to nearly 700,000 BTC, a three-week high, adding approximately 75,000 BTC since the beginning of the year. Meanwhile, perpetual futures funding rates remain positive at around 0.09%, suggesting that long positions are paying shorts to maintain exposure, and traders may be using leverage to buy on dips, increasing the risk of long liquidation. (CoinDesk)