BTC: As of April 22, 2025, the current price of BTC is $88,400; the daily chart shows some bullish momentum. The closing pattern yesterday was a "small bullish candle," and the trading volume increased compared to the previous day, indicating a rise in market participation.

On-chain data shows that the U.S. spot Bitcoin ETF had a net inflow of 4,479 BTC (approximately $381 million) yesterday, reflecting institutional big players' confidence in the market. There was no significant loosening in the chip distribution in the $85,000 to $86,000 range, and the sentiment of long-term holders in the $92,000 to $97,000 range remains stable, with limited short-term selling pressure.

On the macro level, although U.S. stocks are under pressure due to economic concerns, Bitcoin is strengthening against the trend, showcasing strong independent performance. The weakening U.S. dollar index also adds support for the rise. However, the upcoming Q1 GDP data at the end of the month may trigger market volatility, which requires close monitoring.

In summary, considering the recent net inflow of $381 million into the U.S. spot Bitcoin ETF yesterday, combined with the weakening U.S. dollar index and a low long-short ratio, the short-term outlook is bullish. Currently, Bitcoin is challenging the 200-day moving average and may temporarily rise to the resistance range of $91,700 to $92,200 in the short term. If successful in breaking through, the price may briefly spike to $96,000, but this position is very likely to trigger another significant pullback.

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