Bitcoin, after a series of tests, rebounded near the support level of $89,200 to $90,500—this price just aligns with the 50-day moving average. However, the market is stuck at the $95,000 barrier, unable to break through. According to OTC trading institutions, a two-way oscillation pattern has formed, with liquidity in the past two trading days mainly driven by the continuous outflow from ETFs.

What’s more noteworthy is the data on derivatives. Open interest in futures and options has surged to nearly 700,000 BTC, hitting a three-week high. Since the beginning of the year, this has increased by approximately 75,000 BTC. Meanwhile, the funding rate for perpetual contracts remains around positive 0.09%, indicating that longs are paying shorts to maintain their positions.

What might this reflect? Traders are using leverage to buy the dip, but the cost is an increased risk of long liquidations. This market tension is unlikely to dissipate in the short term.