Recently, I’ve been watching Bitcoin trading market trends and found quite a few interesting signals. Last week, BTC filled the gap around $77,300, and the price has now pushed up to $81.89K. It’s getting closer and closer to the big gap between $80,000 and $84,000. Market sentiment looks good, but analysts are singing a different tune—saying that in the current choppy, sideways environment, it’s a bit difficult to perfectly fill all the gaps.

There are also many reasons for the bears. The macro environment is indeed a little chaotic: tensions in the Middle East are heating up, hawkish signals from the Fed, and funding rates staying oddly negative—any of these could become the spark for a drop. Someone has already moved the stop-loss for swing shorts to 83K, and warned that the May market will face tests and could fall back to 70K. However, the bulls aren’t idle either. They point out that institutional liquidity is sufficient, and that negative funding rates actually suggest a short-squeeze move is brewing. This time, the real rebound is just beginning.

From on-chain data, Bitcoin ETFs have continued to see net inflows—adding money for 6 straight days. Ethereum ETFs are even stronger, with 9 days of continuous inflows. The Fear & Greed Index is only 32, still in the fear zone, which suggests that market sentiment hasn’t completely turned euphoric yet. Liquidation data shows that 92,545 people worldwide have been wiped out, totaling $375 million. BTC liquidations account for $176 million. This kind of high-frequency liquidation often serves as a signal before a major move.

Technically, some people have noticed that both SOPR and NUPL have started turning positive, and believe the downtrend has ended. Others are watching the key level at 77.2K–77.5K. Once that level is broken, the rally could be over. Bitcoin trading is currently like standing at a crossroads—both bulls and bears are waiting for a breakout at this level. Over the next two or three weeks, a clear direction should emerge: either a direct push toward $85,000, or a pullback to $67,000–$69,000. For my part, I’m watching changes in the funding rate and institutional liquidity; these two indicators may determine the rhythm of Bitcoin trading going forward.