According to Wintermute’s weekly market summary, Bitcoin broke through $80,000 to reach $83,000 this week, marking its first close above the 200-day moving average in seven months. However, the rally is primarily leverage-driven: open interest surged $10 billion in a single month while spot trading volume hit a two-year low, signaling a typical short squeeze rather than healthy demand. The Relative Strength Index has entered overbought territory, indicating elevated short-term risk. ETF inflows of $623 million provided institutional support, but the market faces potential pullback pressure if the squeeze unwinds without fresh spot demand.
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