Matrixport Identifies $95K as a Key Resistance Point as Market Optimism Drives Bitcoin's Surge

A financial services provider in the cryptocurrency sector Matrixport released a fresh market report indicating that its prior optimistic outlook for Bitcoin is beginning to show signs of alignment with recent market trends, especially considering the asset’s impressive ascent in recent days. The firm has also seen a significant rise in speculative trading activity, marked by an increase in open interest—often seen as a signal of rising engagement and investor sentiment.

While the important resistance level around $95,000 remains unbroken, Matrixport speculated that increasing market confidence—especially in light of beliefs that former US President Donald Trump’s tariff policies may not lead to a global economic slowdown—could encourage further price increases.

In agreement with this view, a blockchain analytics company CryptoQuant has reported similar observations, particularly emphasizing the rise in open interest over the past few days. The firm noted that this increase represents one of the highest single-day jumps seen in a significant amount of time. However, they also cautioned that although spikes in derivatives activity often lead to temporary price surges, these rallies may not always hold up in the long term.

Their observations pointed out that prior instances of increased open interest—ranging from 15% to 16%—typically resulted in more substantial price movements for Bitcoin than the 4.2% rise experienced this time around.

Bitcoin Soars to $94K as Spot ETF Inflows Reach $936 Million

At present, Bitcoin is trading around $94,222, reflecting a 24-hour gain of 6.56%. During this time, the asset saw a peak of $94,381 and a trough of $88,327. Additionally, Bitcoin's market cap has increased significantly, climbing by 6.59% to approximately $1.87 trillion, signaling renewed interest from investors.

On a larger scale, the global cryptocurrency market has also expanded. The combined market cap now hovers around $2.95 trillion, which is a 6.62% increase over the last day. Trading activity has surged as well, with the total 24-hour trading volume across all cryptocurrencies increasing by 51.62%, reaching $134.48 billion, according to CoinMarketCap.

Additionally, data from SoSoValue reveals that U.S.-listed spot Bitcoin exchange-traded funds (ETFs) reported $936 million in net inflows in a single day—the highest since January 17th. This influx was spread across ten ETFs, with Ark & 21Shares capturing $267.1 million, Fidelity’s FBTC attracting $253.8 million, and BlackRock’s IBIT receiving $193.5 million. Over a span of three consecutive days, the cumulative net inflows into U.S. Bitcoin ETFs exceeded $1.4 billion.

The significant capital entering spot ETFs is indicative of growing institutional confidence in Bitcoin, not just as a speculative asset but as a potentially more stable store of value amidst shifting global financial landscapes.