Just noticed BTC hit above $80k recently, highest since late January. Institutional money seems to be flowing in steadily—spot ETFs pulled in over $153 million last week alone, and that's five weeks straight of positive inflows. Looks like the momentum is holding up around these levels.

Here's what caught my eye though: the rally seems to be driven mainly by derivatives traders, not actual spot buying. CryptoQuant's data shows perpetual futures demand is doing most of the heavy lifting while spot markets are actually contracting. That's a bit of a red flag if you ask me. It's basically leverage pushing the price up rather than fresh money accumulating coins.

The scary part? This exact pattern showed up right before the 2022 bear market kicked off. Back then, futures surged while spot demand dried up, and then we got crushed for months. Not saying history repeats exactly, but it's worth keeping in mind. The analysts are saying this kind of structure usually doesn't hold up—once the futures positions unwind, the price tends to correct pretty hard.

Price-wise, BTC is sitting around $77-78k range now (depending on when you check), still above key support levels like the 50 and 100-day moving averages. Next resistance is that psychological $80k mark again, then $82-83k area. If we get a pullback, support is down around $75-76k. The RSI is still holding strong around 65, so there's room to run, but I'm keeping an eye on that derivatives vs. spot divergence. Could be a sign to tighten stops.