Key takeaways:
Bitcoin is up alongside global risk markets following signs of easing US-China trade tensions.
Bitcoin ETFs attract $1.29 billion in daily inflows.
Short-term Bitcoin holders are back in profit.
A classic bullish reversal pattern is in play.
Bitcoin (BTC) has risen 6.80% in the last 24 hours to reach $94,510 on April 23, its highest level in almost two months.
BTC/USD daily price chart. Source: TradingView
US Bitcoin ETFs see biggest inflow since November
On April 22, a total of eleven Bitcoin ETFs attracted over $1.29 billion, the highest since November 2024, when Donald Trump won the US presidential election.
BTC US Spot ETF net flows. Source: Glassnode
Trading sentiment improved following Trump’s clarification that he has “no intention” of firing Federal Reserve Chair Jerome Powell. The president also said he is willing to reduce tariffs on Chinese goods, signaling de-escalation in the ongoing trade war with Beijing.
These remarks led to a rally in global markets, with the S&P 500 and Nasdaq each gaining over 2.5%, and Asian markets such as Japan’s Nikkei and South Korea’s Kospi rising by 2.3% and 1.2%, respectively.
SXP, IXIC, NIKKEI, KOSPI, BTC/USD year-to-date performance chart. Source: TradingView
Bitcoin, which was already showing signs of “decoupling” from risk assets, rose in tandem with positive inflows across its spot ETFs.
BTC’s price pump in the last 24 hours further aligned with the liquidations worth $321.78 million in the futures market, including over $300 million in shorts.
Crypto market liquidations (24h). Source: CoinGlass
Short liquidations, which reflect traders buying back BTC at higher prices to close their bearish positions, boosted the cryptocurrency’s price further today.
Most recent Bitcoin buyers are back in profits
Bitcoin reclaimed its short-term holder (STH) realized price band (~$91,000; the blue wave in the chart below) on April 22, according to onchain data platform Glassnode.
Bitcoin short-term onchain cos basis bands (hourly). Source: Glassnode
“Recently, we have highlighted this level as a benchmark for market sentiment and positioning,” Glassnode wrote,…..
