🚀 BTC: The Phoenix Rises (Maybe?)

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As I emerged from the dank, dimly lit corridors of economic despair, I chanced upon a glimmer of hope – a fleeting whisper of a rally, a will-o’-the-wisp beckoning the faithful to the altar of Bitcoin. The week commenced with a flourish, as the vaunted BTC price soared to a dizzying daily high of $88,804, leaving analysts agog with anticipation, their eyes fixed upon the promised land of $90,000 to $92,000.

And then, like a deus ex machina, US President Donald Trump descended, his pronouncements on the April 2 “tariff number” a balm to the frayed nerves of the market. The specter of economic Armageddon, it seemed, had been temporarily vanquished. As Ben Yorke, vice president of ecosystem at WOO, wryly observed, “Trump, it appears, has developed a sudden and acute case of economic empathy – who knew?” 😊

The market, ever the keen student of human psychology, responded with alacrity. Bitcoin futures open interest surged, as traders, with the zeal of the converted, leveraged their positions to the hilt. The assumption, of course, being that margin-long positions were the order of the day.

And then, the pièce de résistance – the Coinbase Premium, that most mercurial of indicators, reappeared, like a phoenix from the ashes, signaling the return of spot demand to the market. Concomitantly, spot BTC ETF inflows continued their relentless march, a veritable seven-day wonder, with US spot Bitcoin ETF net flows clocking in at a respectable $84.17 million, courtesy of SoSoValue.


The $100K Question: Will BTC Scale the Summit Once More?

As the bullish momentum gathers steam, the eternal question lingers, a will-o’-the-wisp on the horizon – can Bitcoin, that most capricious of assets, regain its former glory, soaring once more above the $100,000 watermark? Lingling Jiang, partner at DWF Labs, opines, “We’re witnessing a rare alignment of the stars – structural and narrative factors conspiring to propel Bitcoin upward.” 🚀

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Independent market analyst Scott Melker, ever the keen-eyed observer, notes, “Bitcoin’s 4-hour relative strength index indicator tells a tale of clear bullish trend, with a series of higher lows and higher highs.” 📈

“All of this preceded by [an] oversold RSI with bullish divergence at the bottom on daily and below. Which I was screaming about.” 🗣️

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2025-03-25 20:36