#BitcoinSix-DayRally

Bitcoin around $94 000: Bullish breakout or just short-term compression?

Market Overview
Bitcoin has been rising for six consecutive days, approaching the $94 000 level. This movement is supported by increasing spot volume and strong flows into spot ETFs, raising an important question for traders and investors: is this the beginning of a stable bullish phase, or just leverage-driven compression that disappears after short positions are closed?

ETF Flows: Structural Shift, Not Just Hype
A key feature of this rally is the role of spot ETFs. Funds associated with large institutions, such as IBIT-type products, are regularly absorbing supply. Unlike short-term speculative buying, ETF flows remove coins from circulating liquidity, reducing selling pressure and strengthening price stability over time. When this demand persists for several sessions, it forms a more solid foundation rather than just a quick surge.

Spot Volume Confirms Real Demand
In this context, the growth of spot market volume is more significant than futures volume. Buying on the spot market indicates real BTC transactions, not just paper exposure, reflecting genuine accumulation alongside traders using leverage in pursuit of momentum. At the same time, a prolonged decline in exchange balances suggests owners are withdrawing BTC from exchanges, which is historically associated with accumulation phases rather than distribution.

Element of Short-Term Compression
Ignoring the leverage aspect would be a mistake. When BTC rose to the low $90 000s, many short positions were forced to close, adding pressure that amplifies upward movements and often overestimates speed. While short-term compression accelerates momentum, the risk lies in potential halts or reversals if organic demand does not sustain after forced buying ends.

Key Levels to Watch
- Resistance at $94 000 creates an immediate test. A strong daily close above this zone, combined with consolidation, strengthens the case for a bullish market.
- Support at $90 000 serves as the first critical retracement level needed to maintain structural integrity.
- Failure to hold above $90 000 could indicate reliance on leverage for this upward move.

Buy Now or Wait?
If your long-term thesis focuses on institutional adaptation and absorption of supply via ETFs, buying now makes sense despite expected volatility. The overall structure remains constructive. A pullback is welcomed by traders valuing risk-reward ratios, as a correction to strong support with cooling funding rates could offer a clearer entry than a sixth green series.

Final Verdict
This movement is not purely short-term compression, and it carries risks. ETF flows and spot demand create real foundations for a rally, while liquidations amplify it in the short term. The market verdict will soon become clear: sustained holding above $94 000 indicates continuation, while rejection suggests a healthy but necessary pullback. Effective positioning depends more on patience and maintaining structure than on prediction.