Bitcoin’s Bull Run: Who’s Riding High and Who’s Eating Dust? 🐂💸

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Well now, Bitcoin‘s been acting like a wild mustang breakin’ loose on the prairie—darting just over $87,000 today, givin’ folks a 3.3% jolt like a horse with a burr under its saddle.

It moseyed back a tad to about $86,815 as I scribble this, but the coin’s been clawin’ its way up since last week, settin’ stage for maybe—just maybe—a proper stampede onward. The so-called “experts” with their star charts and on-chain mumbo jumbo are squinting into their telescopes, convinced a little sunshine’s peekin’ through the clouds for short-term bulls.

CryptoQuant folk, those number wranglers, done noticed a shift in market whims—funding rates, where folks are puttin’ their money, and them pesky psychological resistances that act like nosy neighbors at a county fair. But let me tell ya, not everyone’s pockets got lined—short-term holders are still nappin’ under a shade of unrealized loss.

Signs Point to Another Bitcoin Hoedown

CryptoQuant’s own sharp-shooter, EgyHash, reckons there’s a heap of bullish signs rustlin’ up energy for another upward ride. Wanna hear? There’s been a whopping $6 billion bump in open interest in futures, the kind of betting that says “Hold my hat, I’m all in!”

Bitcoin open interest chart

Now, open interest is just a fancy way of countin’ how many folks are still sittin’ at the poker table, chips piled high. And when that pile grows, it usually means these cowboys believe the price is fixin’ to mosey upwards.

Even better, the number of coins being shuffled onto exchanges—which is usually a hint folks want to sell—has shrunk. That’s like fewer gamblers heading to the saloon to cash in their chips, which might mean the selling pressure is takin’ a siesta.

Exchange inflows chart

Put them all together, and you’ve got a market that might just be stretchin’ its legs for another gallop—so long as no rattlesnakes or thunderstorms come along to spoil the ride.

New Folks Smilin’, Short-Timers Still Cryin’

But hold yer horses—this ain’t no all-around good news. Another sharp mind over at CryptoQuant, Crazzyblockk, points out that short-term holders—those greenhorns who’ve only been round these parts six months or less—are still nursing losses. Their average buy-in sits near $91,000, a price higher than the coin’s tiptoeing around now, like a stubborn mule refusing to budge.

Short-term holders' average price chart

So long as Bitcoin can’t clear that fence, there’s bound to be some sellin’ pressure from these worried hands. But don’t forget the bright side: the new comers—those sprightly folks who just plunged in the last month—are grinnin’ with a shiny 3.73% profit, maybe feelin’ like they just struck gold on the first dig.

Still, the whole shake-up sticks in the mud until Bitcoin can decisively jump over that $91,000 hurdle. Otherwise, the market might hang around that ol’ risk zone like a coyote waitin’ for the next meal.

“Until BTC closes above the $91K threshold, Short-Term Holders remain in loss. This may sustain latent sell pressure, especially if price momentum weakens — reinforcing the importance of a decisive breakout above STH realized price to neutralize this overhang.” — Crazzyblockk

Bitcoin price chart

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2025-04-22 08:27