[BTC Rebounds to $90,500 but Faces Resistance at $95,000]
After testing the $89,200 support level, BTC rebounded to $90,500, with this support level aligning with the 50-day moving average. Wintermute's Head of OTC Trading, Jake Ostrovskis, stated that the market failed to break through the critical $95,000 level, with the past two trading days primarily driven by ETF outflows. Derivatives data shows an increase in market leverage, with the total open interest in BTC futures and options climbing to nearly 700,000 BTC, marking a three-week high and an increase of approximately 75,000 BTC since the beginning of the year. Perpetual futures funding rates remain at a positive value of around 0.09%, with long positions paying fees to short positions to maintain exposure. Traders may be using leverage to buy the dip, increasing the risk of long liquidations.