Bitcoin is currently experiencing a critical moment. The price is testing the important resistance level of $94,000, which is also the first time since October last year that it has stabilized above the 50-day moving average. Tonight’s closing performance will directly influence the short-term technical outlook.

From a bullish and bearish perspective, the situation is quite delicate. If the daily candle closes above $94,000, it will confirm the start of a new upward trend, serving as a clear bullish signal. However, risks should also be noted, with the primary support zone between $90,000 and $92,000. If this area is broken, the recent breakout could be invalidated, and the market will need time to regroup.

The most interesting aspect is the market’s capital flow. The US Bitcoin ETF has just recorded a new high in daily net inflows since November last year, indicating that institutional buying is becoming the core driver of recent market movements. Data from the options market is also quite revealing, with many contracts betting on a breakthrough of $100,000 by the end of the year, reflecting growing market optimism.

In summary: these two price levels, $94,000 and $90,000, are crucial at this moment. Breaking above the former will boost market sentiment and further strengthen the bullish atmosphere; but if the latter is lost, investors will need more patience and wait for the next opportunity. The ongoing capital inflows are sending positive signals, which are an important foundation for supporting the market.