Bitcoin Surges 9.3% as Institutional Funds Drive Market

Bitcoin (BTC) experienced a significant surge this week, with a net inflow of $564 million in funds returning to the market. The cryptocurrency started the week at $94,230 and reached $102,997.8 at the time of writing, marking a cumulative increase of 9.3%.

Data indicates a high liquidity liquidation area near $93,000. The $94,000 support area witnessed multiple buy-side interventions mid-week, which helped the price move up gradually and break through the $100,000 mark. Additionally, the heat map shows a significant liquidation cluster around $102,000, suggesting that this area had a majority of long positions liquidated, possibly leading to profit-taking and volatility. The strong support near $96,000 also indicates a large number of long positions untouched, providing a cushion for the downside.

Overall, institutional funds have been the driving force behind the upward movement this week. However, technical liquidation points suggest that the $102,000 to $105,000 range will face a phase-based test. According to the analyst's forecast, the market saw a short-term overall increase due to progress in the US-UK trade agreement, attracting inflows of funds to the cryptocurrency market. BTC has a short-term support at $94,200; it may oscillate in the $102,500–105,000 range at the current price level. If it falls below $93,000, consider reducing positions and observing; continue to monitor ETF fund flows, next week's CPI and PPI, and make appropriate asset allocations to hedge against uncertain risks.