HTX Deep Think columnist and HTX Research researcher Chloe analyzed that Bitcoin (BTC) has entered a critical phase to confirm a trend reversal, breaking free from a bearish market structure, but a new bull market has not yet been confirmed. She stated, “Currently, BTC has entered a supply zone of $81,000-$86,000, and for further upside, it needs to be supported by actual spot buying, not just a short squeeze. Previously, during BTC’s rise from $60,000 to $80,000, approximately $3 billion worth of short positions were liquidated, and since then, open interest (OI) has decreased by about 11%, and funding rates have shown neutral levels. Notably, during the August breakout period, over $2.8 billion flowed into US BTC spot ETFs, but in the first three trading days of September, approximately $46 million flowed out. Considering this, the current trend is closer to a period of confirming whether there will be a breakout for further gains rather than a full-fledged entry into a bull market.”
