Market Overview
Bitcoin accelerated from $91.2k to a peak of $93.1k during the Asian session, propelled by a sharp spike in spot-ETF inflows (BlackRock added $287 m yesterday) and a string of bullish headlines: Bank of America opening BTC exposure, Venezuela-related safe-haven narrative, and option desks loading call spreads toward $100k. Hourly candles now show a classic bull-flag: the last four hours printed progressively smaller bodies, closing around $93 k on falling volume – a textbook pause after an impulsive leg. Liquidity clusters on the Binance order-book sit at $92.4 k (support) and $94.2 k (resistance). Funding rates cooled back to neutral and the 20-period EMA on the 1-hour chart is rising through $92.6 k, suggesting dips are likely to be bought.
Ethereum followed the move but lagged in magnitude, holding the 20-hour EMA at $3 150 and carving higher lows after last night’s Fusaka-upgrade headlines and record stable-coin settlement data ($8 T in Q4). ETH/BTC bounced at 0.034, indicating that relative strength is improving after months of under-performance but not yet in true breakout mode.
Macro cross-currents are mixed: the Fear & Greed Index is still stuck in ‘Fear’ (25), and BOJ hawkish talk keeps the dollar bid, limiting upside follow-through. Derivatives volume remains elevated ($983 B/24 h), so any surprise headline could trigger liquidations on either side. Overall, tape action, order-flow and news momentum favour a slow grind higher rather than an immediate reversal, but the market is unlikely to leave the current range decisively before tomorrow’s US JOLTS and ISM data. Expect continued range-trading with an upward bias over the next five hours.