Overview
- Bitcoin snapped back near $69,000 after a capitulation flush, with nearly $500 million in short positions liquidated and options dynamics amplifying the move.
- U.S. spot bitcoin ETFs logged their first >$500 million net inflow day in weeks on Feb. 25 led by BlackRock and Grayscale, lifting two-day net inflows to more than $750 million.
- Glassnode and other analysts characterize the bounce as stabilization rather than a regime shift, citing weak accumulation, negative spot flow bias, and loss‑regime on-chain metrics.
- Key levels remain in focus, with resistance at $70,000–$72,000 and supports around $66,000, $62,000–$63,000, and the $60,000 range, where a breakdown could rekindle deeper downside risk.
- Technical risk flags persist, including death‑cross signals and the 200‑week EMA acting as resistance, while a modest positive Coinbase premium hints at tentative U.S. institutional demand and a large options expiry may add near‑term volatility.