Key results:

• Massive liquidation played a role in the return of Bitcoin to $ 95,000.

• Weakening Bitcoin correlation with wrestling emphasizes his growing independence as an advantage.

• The party positioning of institutional investors contrasts with the caution of retail traders, thus supporting over 100,000 USD.

Bitcoin (BTC) gained 11% between April 20 and April 26, showing immunity, sticking to nearly two months around $ 94,000. This lend a hand rally followed the signals of Trump’s administration on soothing import tariffs, as well as about mighty corporate profits reports.

Investors’ trust in Bitcoins has been further increased by a record $ 3.1 billion net inflow in order to see Bitcoin rotary funds (ETF) within five days. However, the key indicator of BTC derivative instruments showed signs of shoots bear, raising questions about whether the 100,000 USD target is still realistic.

Futures contracts for eternal Bitcoin are favored by retail traders because their prices are closely following the spot market. A positive financing rate means that buyers pay for maintaining their positions, so reversing this rate is usually associated with bears.

Acute negative financing rates registered on April 26 are highly unusual on bull markets because they indicate stronger demand from sellers. This record was unstable from April 14, but the sellers were surprised when the Bitcoin price increased above USD 94,000. From April 21, over $ 450 million in miniature BTC positions were liquidated.

Some of the renewed trust and strength of Bitcoin prices can be assigned 7.1% of the S&P 500 profit. However, despite this optimism, US President Donald Trump reportedly said on April 25 that negotiations will depend on China, which means that traders question the sustainable development of recent profits.

Companies now report earnings in the first quarter before the escalation of the trade war, so the factors driving the stock exchange and bitcoins are different. In fact, the Bitcoin price is no longer strictly correlated with the S&P 500.

Currently, the 30-day correlation between S&P 500 and Bitcoin is 29%, well below 60% observed from March to mid-April. Although this lower correlation does not mean complete separation, because macroeconomic factors still affect the mood of investors, shows that bitcoins are not simply a proxy for technological inventory.

The status of bitcoin as an independent resource has strengthened

Gold’s inability to maintain a stubborn rush after reaching the highest level of USD 3500 on April 22 was also seen as significant for Bitcoin status as an independent asset class. Some traders questioned the narrative of “digital gold”, but the longer BTC remains above 90,000 USD, the more trust investors may have, potentially paving the way to further benefits.

The increased demand for the bear lever in eternal BTC Futures is not in line with the sentiment of professional traders. Monthin Bitcoin monthly contracts avoid fluctuations in financing rates, thanks to which traders know the cost of levers in advance.

On April 26, a two -month bitres Bitcoin Futures bonus (base rate) has increased to the highest level for seven weeks, which indicates greater interest in stubborn positions. At 6.5%, this record remains within a neutral from 5% to 10%, but leaves the bear’s territory.

Disconnecting between the demand of the lever in perpetual Futures and monthly BTC contracts is not unusual. Even if retail traders remain careful, significant accumulation of institutions may be enough to exceed the Bitcoin price above 100,000 USD in the near future.

This article is used for general information purposes and should not be and should not be treated as legal or investment advice. The views, thoughts and opinions expressed here are themselves and do not necessarily reflect or represent the views and opinions of Cointelegraph.