Analysis: Although BTC has rebounded, it is constrained by the resistance level of $95,000, with ETF outflows and increased leverage coexisting

BTC price rebounded to $90,500 after testing the support level of $89,200, which aligns with the 50-day moving average. Jake Ostrovskis, head of over-the-counter trading at Wintermute, stated that the market's failure to break through the key level of $95,000 has led to two-way trading, with the past two trading days primarily dominated by ETF outflows. Additionally, derivatives positions indicate that market leverage is increasing.

The total open interest for BTC futures and options has surged to nearly 700,000 BTC, reaching a three-week high, with an increase of about 75,000 BTC since the beginning of the year. Meanwhile, the perpetual futures funding rate remains at a positive value of around 0.09%, indicating that long positions are paying fees to shorts to maintain exposure, and traders may be using leverage to buy on dips, which increases the risk of long liquidations.