Although Bitcoin has risen 21% since November 2025, from $80 500 to $97 900, this is merely a "bear market rally" and not the beginning of a sustained recovery.

A similar situation occurred during the last bear market in 2022. When Bitcoin's price fell 27% after breaking above the 365-day moving average, it subsequently rose 47% and rebounded at the 365-day moving average level.
Fundamental and technical indicators still point to the continuation of the bear market. Another concerning signal is the increase in Bitcoin inflows to cryptocurrency exchanges. The seven-day inflow reached 39,000 BTC, the highest level since November 25, 2025.
Cryptocurrency inflows to trading platforms are generally seen as signs of increased selling pressure. Retail investors transferring assets to exchanges to realize profits may negatively impact Bitcoin prices in the short term.
The bullish pressure on Bitcoin's price is weakening, and their fate now depends on two factors: capital inflows into exchange-traded funds (ETF) and increased demand in the spot market. #周末行情分析